GoKawiilApollo 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.