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Apollo: AI Has Paid Off Only for Big Tech

Apollo chief economist Torsten Slok argues in a new note that the AI payoff so far belongs to the tech giants alone, with no evidence yet of higher margins, revenue per worker or productivity across the rest of the S&P 500. Sources: TechCrunch, TradingView/Stocktwits coverage of Apollo Global Management’s note, October 25, 2026.

A stock market chart showing a wide gap between rising Big Tech shares and flat shares of other large US companies

AI Has Delivered Zero Payoff Outside Big Tech, Apollo's Top Economist Says

Apollo Global Management chief economist Torsten Slok published a note on October 24, 2026, with a blunt verdict on the AI boom: outside the tech giants, it has not paid off yet. “Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok wrote. His framing turns the usual AI debate upside down. Instead of asking whether the companies building AI can keep growing, he asks whether the hundreds of companies buying AI are getting anything back. ...