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Apollo economist says AI delivers 'zero financial payoff' to most companies

Original title: AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

Apollo Global Management chief economist Torsten Slok argues that profit margins and revenue per worker across the S&P 493 appear flat, with no evidence AI is improving productivity. He says it will be tough for corporate America to turn increasingly cheap intelligence into higher revenue growth and margins, noting AI lacks understanding of accountability, trust, culture and ethical trade-offs that drive financial results.

Why it matters

The Apollo chief economist's view offers a data-based angle on AI's investment returns and explains why firms struggle to convert intelligence into profit.

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Original article

In Brief

Posted:

9:57 AM PDT · October 25, 2026

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  • Anthony Ha

AI hasn’t benefited the bottom line of any big corporations outside the tech industry, according to a note recently published by the chief economist at Apollo Global Management (the private equity giant that used to own TechCrunch).

Apollo’s Torsten Slok focuses on what he calls the S&P 493 — the S&P 500, minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — finding that profit margins and revenue per worker appear to be flat, with no evidence that AI is improving productivity.

“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok said.

Is this simply a matter of non-tech companies lagging behind the tech giants? Slok sounded skeptical, arguing that it will be tough for corporate America to “turn increasingly cheap intelligence into higher revenue growth and higher profit margins.”

“AI may be a great calculator, but in business, intelligence is mostly judgment,” he wrote, later adding, “AI does not understand accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, all of which shape reputational risk and ultimately drive revenue growth and profit margins.”

Recent studies have also found that AI has yet to deliver significant productivity gains.

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