Apollo's Torsten Slok: No Signs of AI Payoff Outside the Tech Sector
SuB8u · x · 2026-10-25
Apollo chief economist Torsten Slok argues in The Daily Spark that despite massive investment and hype, AI has delivered zero financial payoff to corporate America outside of tech.
Charts back the claim:
- Revenue per employee: Magnificent 7 revenue per worker (inflation-adjusted) has surged to $780K since 2023, while the S&P 493 has stayed flat around $500K for a decade.
- Profit margins: Mag 7 margins are climbing toward 30%; non-tech firms remain stuck at 10% with no upward movement.
His take: "slowly and suddenly for some, suddenly for others" — AI gains remain concentrated in tech giants themselves.
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