Torsten Slok, chief economist at Apollo, tracks the performance of the 'S&P 493'—the S&P 500 excluding tech titans like Nvidia, Microsoft, and Meta. His data indicates that revenue per worker has seen no meaningful shift, challenging the narrative that generative tools are currently revolutionizing corporate efficiency. Slok remains skeptical that non-tech firms will bridge this gap, noting that the ability to process data does not equate to business acumen.
Corporate AI Investment Fails to Move the Needle on Profit
Despite the relentless hype and billions in capital expenditure, artificial intelligence has yet to yield a tangible financial return for the vast majority of American firms. A fresh analysis from Apollo Global Management suggests that outside the narrow circle of big tech, productivity and profit margins remain stubbornly stagnant.
He argues that intelligence in a commercial context is rooted in judgment, accountability, and the navigation of complex ethical trade-offs—human qualities that algorithms currently lack. By failing to grasp the unwritten rules of corporate culture and trust, AI remains a sophisticated calculator rather than a driver of bottom-line growth.
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