Artificial intelligence has yet to move the needle for most large U.S. companies outside Big Tech, according to a note from Apollo Global Management Chief Economist Torsten Slok. Examining the “S&P 493”—the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla—Slok finds flat profit margins and revenue per employee, with no clear evidence of AI-driven productivity gains. He argues that translating “cheap intelligence” into higher growth and margins will be difficult because business performance depends on judgment, accountability and culture. Recent studies likewise suggest limited broad-based productivity benefits from AI so far.
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