Apollo Finds Zero AI Payoff Outside Tech as S&P 493 Margins Stay Near 10%

Apollo’s Slok Says AI Has Delivered Zero Payoff Outside of Tech

Despite the significant investments ploughed into artificial intelligence it has provided “zero payoff” to corporate America outside of technology, according to Apollo Global Management Inc. Chief Economist Torsten Slok.

Apollo finds zero AI payoff outside tech as S&P 493 margins stay near 10%

Top 10% of firms account for 99.5% of AI inference spend in Ramp data cited by Apollo. Can the rest of corporate America turn cheap tokens into higher margins?

Apollo economist says AI has delivered zero profit payoff outside Big Tech

Torsten Slok's October 24 note found flat margins and revenue per worker across the S&P 493, even as Microsoft guides to $190 billion in 2026 AI capex and Meta plans up to $135 billion.

Apollo Economist Says AI Token Spending Is Squeezing U.S. Margins

Revenue per employee and profit margins are flat at the S&P 500’s other 493 companies, while both are rising at seven tech giants.