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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

Data shows no AI earnings boost for S&P 493 companies outside Big Tech

New analysis finds that revenue per worker and profit margins are rising only among the Mag 7 tech giants, while remaining flat across the rest of the S&P 500. Productivity growth also shows no measurable lift from AI adoption, and non-tech corporations are reportedly treating AI token spending as a cost burden rather than a growth driver.

apollo.com · 2026-10-24