AI delivers zero payoff outside tech, economist says

Apollo Global Management chief economist Torsten Slok argues that AI has delivered no financial benefit to companies outside the tech sector. Analyzing the S&P 500 minus seven major tech firms, he found flat profit margins and revenue per worker with no productivity gains. Slok is skeptical this will change, saying AI lacks the judgment, accountability, and cultural understanding that drive real business results. Recent studies support his view that significant productivity gains from AI have yet to materialize broadly.