Apollo Global Management

Apollo economist says AI shows no profit impact for S&P 493 companies

Apollo Global Management chief economist Torsten Slok published a note arguing that AI has produced no measurable financial benefit for large companies outside the tech sector. Analyzing what he calls the 'S&P 493' — the S&P 500 excluding seven major tech firms — Slok found flat profit margins and revenue per worker, with no evidence of productivity gains from AI adoption.

techcrunch.com · 2026-10-25

Apollo analysis: AI profits concentrated in Magnificent Seven, not broader S&P 500

Apollo Global Management's chief economist Torsten Slok reported on October 24 that revenue per worker and profit margins are climbing for the Magnificent Seven tech stocks while staying flat across the other 493 S&P 500 companies. Slok said heavy AI investment has produced no measurable productivity gains outside the tech sector, with many firms now treating AI token spending as a cost rather than a growth driver.

tomshardware.com · 2026-10-25