Apollo Economist Finds AI Yields No Financial Gains for Most Non‑Tech Firms

Apollo Global Management’s chief economist Torsten Slok argues that artificial intelligence has not improved profit margins or revenue per worker for the S&P 493 — the index excluding the seven largest tech giants.

Despite massive capital outlays and widespread hype, the data show flat productivity metrics outside the technology sector, suggesting that the promised gains have yet to materialize.

Slok stresses that business success depends on judgment, accountability, trust, culture and ethical trade‑offs — qualities that current AI systems cannot replicate.

Recent academic research reaches a similar conclusion, finding limited measurable productivity impact from AI deployments to date.

Why it matters for GPU / AI infrastructure

For cloud GPU providers, the report signals that enterprises still require clear ROI models before scaling compute spend; infrastructure vendors should prioritize use‑cases that translate directly into margin improvement.