AI Financial Payoff Outside Tech remains difficult to identify despite widespread corporate investment, according to Apollo Global Management chief economist Torsten Slok. His analysis finds little evidence that artificial intelligence has improved profitability or revenue per employee across most major U.S. companies.
In an October research note, Slok examined the S&P 493, excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla from the S&P 500. Revenue per employee and profit margins have increased among those seven technology giants but remained largely flat across the other companies.
Why AI Financial Returns Remain Limited Outside Tech
Slok argues that widespread AI adoption has not translated into measurable corporate financial gains. He also found no clear evidence of AI-driven improvements in broader U.S. productivity figures.
Despite heavy investment in AI models and computing infrastructure, Slok questions whether cheaper AI capabilities will automatically produce stronger earnings. He argues that business success depends on judgment, accountability, trust and organizational culture, which current AI systems cannot reliably replicate.
The findings do not mean individual companies have received no benefits from AI. Instead, Apollo’s broader financial measures have not yet shown significant improvements outside the largest technology companies.
For Slok, the central challenge is turning AI adoption into sustained revenue growth and higher profit margins. His analysis suggests those financial benefits have not yet emerged at a meaningful scale across corporate America.
