Apollo Global Management chief economist Torsten Slok said that despite heavy
corporate AI spending, AI has so far produced no measurable returns for US firms
outside the tech sector. He noted per-employee revenue is rising at the seven
largest tech companies but flat across the other 493 S&P 500 firms, and profit
margins show the same divergence, with no evidence AI is boosting productivity.
Slok said mainstream US companies are cutting investment and treating AI
token-consumption costs as a cost center rather than a growth driver, which is
squeezing margins. As US earnings season opens, investors will watch corporate
AI spending and whether it delivers promised payback. Last week Meta said it
would further ramp AI bets and raise capex plans, prompting market jitters; Meta
shares fell and its credit-risk measures hit record highs.
