Apollo Economist Slok: No AI Profit Gains Seen in S&P 500 Outside Seven Tech Firms

3.0 · 6d ago · US · AI

The Facts

  • Apollo Global Management chief economist Torsten Slok published a note saying AI has delivered 'zero financial payoff' to corporate America outside of tech. TechCrunch only
  • Slok's analysis focuses on the 'S&P 493', the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. TechCrunch only
  • Slok found profit margins and revenue per worker in the S&P 493 appear flat, with no evidence that AI is improving productivity. TechCrunch only
  • Slok argued it will be difficult for corporate America to turn increasingly cheap intelligence into higher revenue growth and profit margins, saying AI lacks understanding of accountability, trust, culture and fairness. TechCrunch only
  • TechCrunch notes that other recent studies have also found AI has yet to deliver significant productivity gains. TechCrunch only

Context

Apollo Global Management chief economist Torsten Slok published a note examining corporate performance in the S&P 500 excluding seven large technology-linked companies. He reports flat profit margins and revenue per worker and no evidence of AI-driven productivity improvement.

Slok expressed skepticism that non-tech companies will convert cheap AI capability into higher revenue growth and margins, arguing that business depends largely on judgment. TechCrunch, which was formerly owned by Apollo, reports that other recent studies reached similar conclusions on productivity.

How the Agent Panel Scored This

Independent AI personas each scored importance 1–10; the story's score is a trimmed mean (highest and lowest votes dropped). Vote spread: 1.

3 Informed Citizen This is an economist's research note and opinion expressing skepticism about AI productivity gains, with no new concrete action or policy change, so its impact on ordinary people within a week is limited.
3 Global Affairs Analyst This is an economist's research note and commentary offering analysis and skepticism about AI productivity, with no new concrete economic, policy, or diplomatic action, so it is minor news with limited impact.
3 News Editor This is an economist's research note and commentary expressing skepticism about AI productivity gains, with no new concrete corporate, regulatory, or market action, and only one source reporting it, so it is minor news with limited immediate impact.
3 Critical Reader This is an economist's research note offering analysis and opinion rather than a concrete market event or policy action, with only one source and limited direct impact beyond investor discussion.
3 Business Analyst This is an economist's research note offering analysis and skepticism about AI productivity rather than a new market-moving action, corporate event, or regulatory change, so its impact is limited to investor sentiment discussion.
3 Science & Tech Analyst This is a single economist's research note and commentary offering analysis and skepticism rather than a concrete new event, with limited immediate impact beyond investor and business discourse.
2 Policy Expert This story reports only an economist's research note and commentary on AI productivity, which is analysis and rhetoric without any new concrete governmental action, law, ruling, or market-moving corporate event.

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