Apollo chief economist says AI has delivered 'zero payoff' to S&P 500 companies outside big tech
This is one investor's reading of aggregate data, not a verdict on individual deployments. It still signals that boards and investors will press harder for measurable returns on AI programmes. Enterprise buyers should define baseline metrics, such as cost per transaction, cycle time and revenue per employee, before expanding spend, so they can show results beyond usage figures.
What Happened
Apollo chief economist Torsten Slok wrote in a note published Saturday that revenue per worker is rising for the Magnificent 7 but is flat for the S&P 493, with profit margins also flat. He said there are no signs yet of AI boosting productivity growth. TechCrunch also reported his comparison of the S&P 500 excluding seven large technology companies.
Why It Matters
This is one investor's reading of aggregate data, not a verdict on individual deployments. It still signals that boards and investors will press harder for measurable returns on AI programmes. Enterprise buyers should define baseline metrics, such as cost per transaction, cycle time and revenue per employee, before expanding spend, so they can show results beyond usage figures.
Sources
- Bloomberg (opens in a new tab): AI Provides 'Zero Payoff' to S&P 493 Outside Tech, Apollo Economist Says (2026-10-25)
- TechCrunch (opens in a new tab): AI delivers 'zero financial payoff' to most companies, Apollo economist says (2026-10-25)
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This story is part of the Laurenceo Intelligence briefing for 26 October 2026, a daily sourced briefing on AI, technology and enterprise risk published in Bermuda by Laurenceo, founded by Jorai Laurenceo. It is produced by an automated research pipeline and checked before publication; how this is made. General information only, not legal, regulatory or financial advice.