Apollo finds AI financial gains concentrated in Big Tech
Apollo Global Management’s analysis found that inflation-adjusted revenue per worker and profit margins rose for the Magnificent Seven, while the other 493 S&P 500 companies remained flat. Apollo chief economist Torsten Slok also reported no evidence of AI-driven productivity growth outside tech and said mainstream companies were increasingly treating token spending as a cost. Goldman Sachs economist Jan Hatzius countered that AI investment may ultimately produce higher productivity and economy-wide profits.
The findings highlight a sharply uneven distribution of reported AI-related financial performance, although the comparison does not establish that AI caused the differences.
AI spending is generating revenue for technology providers, but most other S&P 500 companies have yet to show comparable gains in productivity or profit margins, a report by Apollo’s Daily Spark analysis has shown.
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Artificial intelligence has helped fuel a boom in technology spending, but the financial benefits remain difficult to spot across much of corporate America. Apollo Global Management chief economist Torsten Slok said on October 24 that revenue per worker and profit margins were rising for the Magnificent Seven technology stocks while remaining flat across the other 493 companies in the S&P 500.
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