AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

Apollo Global Management chief economist Torsten Slok said in a note that AI has produced no bottom-line benefit for the S&P 493 — the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — with profit margins and revenue per worker appearing flat. Slok argued it will be hard for corporate America to turn cheaper intelligence into higher revenue growth and margins, writing that "AI may be a great calculator, but in business, intelligence is mostly judgment."