Apollo Global Management chief economist Torsten Slok wrote on Oct. 24 that outside the technology sector, AI has delivered zero financial payoff. Revenue per worker and profit margins are rising at the Magnificent 7 and flat across the other 493 companies in the S&P 500. Outside tech, he writes, token spending is a cost center weighing on margins. The AI story “will be decided in the S&P 493, not the Mag 7.”
Fortune ·