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Apollo economist questions AI returns beyond seven tech giants
Apollo Global Management chief economist Torsten Slok examined S&P 500 companies excluding seven technology giants. Their profit margins and revenue per employee were largely unchanged, providing no evidence of AI-driven productivity gains, he said. Slok also questioned whether ordinary US companies can turn lower-cost AI computing into stronger revenue growth and margins.
What to know
- 01
His “S&P 493” comprises the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.
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He emphasized judgment in business, arguing that responsibility, trust and corporate culture shape reputational risk, ultimately affecting revenue growth and profit margins.
Why it matters
The analysis offers one perspective on whether AI investment is translating into financial benefits for US companies outside technology.
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