A recent report by Apollo Global Management's chief economist offers a sobering perspective on the real impact of artificial intelligence in the corporate world. According to this analysis, AI has not yet delivered measurable financial benefits to most large companies outside the technology sector.
Economist Torsten Slok focused his study on the S&P 493 group, which is the S&P 500 index minus seven technology giants (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla). His findings are surprising: profit margins and revenue per worker in these businesses remain at the same level, with no evidence that AI has led to increased productivity.
Slok is uncompromising in his assessment: “Despite massive investments and widespread hype around artificial intelligence, this technology has brought no financial gains to corporate America outside the tech sector.”
The question arises whether this is merely a temporary delay for non-tech companies behind technology leaders. However, Slok is skeptical and doubts that corporations outside IT will manage to translate “ever-cheaper intelligence into increased revenue and higher profit margins.”
He points out a key difference: “AI may be a great calculator, but in business, intelligence is primarily about judgment.” He further emphasizes that artificial intelligence lacks the ability to understand responsibility, trust, corporate culture, unwritten rules, ethical compromises, or fairness. All these aspects, however, shape reputational risks and ultimately influence revenue growth and profit margins.
Got an idea for a website or app?
Let's talk it through — non-binding, with no pressure, and a concrete next step.
These findings are not isolated. Recent studies also suggest that artificial intelligence has not yet delivered significant productivity gains across a wide range of industries.