Torsten Slok, chief economist at Apollo Global Management, said in a recent research note that artificial intelligence has produced no measurable financial benefit for large US companies outside the technology sector, according to a report by TechCrunch.
Slok examined the S&P 493, the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, and found that profit margins and revenue per worker at those companies appear to be flat, with no indication that AI is lifting productivity. He concluded that despite heavy spending and widespread enthusiasm for the technology, it has delivered what he described as zero financial payoff to corporate America beyond tech.
The economist appeared doubtful that non-tech companies are simply trailing the tech giants and will eventually catch up. He argued that it will be difficult for corporate America to convert increasingly cheap intelligence into faster revenue growth and higher profit margins. Slok characterized AI as a capable calculator but said business success still rests mainly on judgment.
He added that AI does not grasp accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, which he said shape reputational risk and ultimately drive revenue growth and profit margins.
The note arrives as corporate spending on AI continues at a strong pace across the US market, while the productivity results Slok tracked show little change at the large non-tech firms that make up the S&P 493. Recent studies have likewise found that AI has yet to deliver significant productivity gains, according to the report.
Apollo Global Management is the private equity giant that formerly owned TechCrunch. Slok’s analysis was published in a note covered by the outlet.
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