Apollo economist says AI offers zero financial payoff to most US companies
Apollo Global Management chief economist Torsten Slok published a note claiming artificial intelligence has delivered no financial benefit to major corporations outside the technology sector.
Profit margins remain flat
Slok analyzed the S&P 493 index, which excludes seven large tech firms from the standard list. His analysis shows that revenue per worker and profit margins have stayed level despite heavy spending on new tools. The economist argues that these non-tech giants have not seen productivity improvements from their investments.
Judgment matters more than data
The report states that artificial intelligence functions well as a calculator but lacks business judgment. Slok wrote that machines cannot understand trust, culture, or ethical trade-offs which drive revenue growth. He believes corporate America will struggle to turn cheap intelligence into higher profits without human oversight.
Recent studies confirm the trend
Other research has also found that significant productivity gains from this technology have not yet arrived. The consensus among available data suggests widespread hype does not match current financial results for most firms.
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