Torsten Sløk, chief economist at Apollo Global Management, said artificial intelligence has so far delivered “zero financial payoff” for most of corporate America. In a research note, he described a growing divide between the Magnificent Seven tech giants and the other 493 companies in the S&P 500.
The tech leaders have increased revenue per worker and profit margins, while those measures have remained flat for most other companies. Sløk found no clear acceleration in broad productivity growth, despite heavy AI investment across industries.
His report says many mainstream companies are starting to view AI spending as a cost center that weighs on margins, rather than as a source of growth. It questions when, or whether, AI capital spending will lead to widespread profitability and efficiency gains across the broader economy.