原标题：AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
Apollo Global Management 首席经济学家 Torsten Slok 发文称，除科技巨头外的 S&P 493 公司利润率和人均营收基本持平，AI 未带来可证实的生产力提升。他认为企业难以把日益廉价的智能转化为更高营收增长和利润率，并指出 AI 不理解问责、信任、文化和伦理权衡等影响收入的因素。
Apollo 首席经济学家的判断为讨论 AI 投资回报提供了数据视角，并解释了为何企业难以把智能转化为利润。
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In Brief
Posted:
9:57 AM PDT · October 25, 2026
Image Credits:Carol Yepes (opens in a new window) / Getty Images
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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