AI boom yet to pay off beyond big tech
SPY•Apollo Global Management chief economist Torsten Slok said AI has yet to deliver a financial payoff for most of corporate America. Revenue per worker and profit margins are rising at the “Magnificent 7” but remain flat across the other 493 S&P 500 companies.
1. AI gains remain concentrated
Revenue per worker and profit margins are climbing at the “Magnificent 7” tech giants, but both are flat for the other 493 S&P 500 companies, Slok said. He said there is no sign yet that AI is lifting productivity growth.
2. Costs weigh on companies
Many mainstream companies are pulling back, viewing AI token spending as a cost center that squeezes margins rather than a driver of growth. Slok said the macroeconomic impact will remain limited as long as agentic AI is confined to a small slice of the economy.
3. Turning AI into growth
Slok said companies still need to show they can use cheaper, commoditized intelligence to accelerate revenue growth and expand margins. Business intelligence relies heavily on judgment and context, while accountability, trust, culture, unwritten rules and fairness shape reputational risk and the bottom line.
