Apollo Economist: AI Delivers No Financial Payoff to S&P 493
Torsten Slok's note says profit margins and revenue per worker at the S&P 493 appear flat despite massive AI investment and hype.
Apollo Global Management chief economist Torsten Slok published a note on October 25, 2026, finding that artificial intelligence has delivered no financial payoff to companies in the S&P 493, according to TechCrunch. The note states that profit margins and revenue per worker at the index's non-tech constituents appear flat.
Slok said the technology has delivered zero financial payoff to corporate America outside of tech despite massive investments and hype. He argued it will be tough for corporate America to turn increasingly cheap intelligence into higher revenue growth and higher profit margins.
Slok wrote that AI may be a great calculator, but in business intelligence is mostly judgment. The S&P 493 refers to the companies in the S&P 500 outside the technology sector.
Apollo Global Management is the private equity giant that previously owned TechCrunch.
Quick answers
What did Torsten Slok find about AI and the S&P 493?
Slok found that profit margins and revenue per worker at the S&P 493 appear flat, indicating no financial payoff from AI outside the tech sector.
Who is Torsten Slok?
Torsten Slok is the chief economist at Apollo Global Management.