AI hasn't benefited the bottom line of any big corporations outside the tech industry, according to a note recently published by the chief economist at Apollo Global Management (the private equity giant that used to own TechCrunch). Apollo's Torsten Slok focuses on what he calls the S&P 493 — the S&P 500, minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — finding that profit margins and revenue per worker appear to be flat, with no evidence that AI is improving productivity. "Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech," Slok said. Is this simply a matter of non-tech companies lagging behind the tech giants?
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