Apollo sees no AI payoff for companies outside the tech sector
Apollo chief economist Torsten Slok says revenue per worker and profit margins are flat in the S&P 493, unlike the Mag 7 group.
By GennnAi··1 min read
The analysis, published October 24, finds no sign of AI-driven productivity growth. Margins are rising for the Mag 7. Companies outside tech are starting to treat token spending as a cost center weighing on margins, while VC-backed companies spend more. Apollo concludes that the AI story will be decided in the S&P 493, where no evidence of improving revenue growth or margins has appeared.
Source: Apollo, published on October 24, 2026.