Apollo's chief economist: zero AI payoff outside tech
Why it matters
Apollo chief economist Torsten Slok wrote on 24 Oct 2026 that AI has so far delivered "zero financial payoff to corporate America outside of tech": revenue per worker and profit margins are rising for the Mag 7 tech giants but flat for the other 493 S&P 500 companies, and there are still no signs of AI boosting productivity growth. He says mainstream firms are starting to view token spending as a cost centre, and that "the AI story will be decided in the S&P 493, not the Mag 7". Caveat: this is one economist's analysis of the data, not a settled verdict.
Read the source: apollo.com (Apollo Chief Economist) (opens in a new tab)
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