One signal

Apollo chief economist Torsten Slok argues that AI has not yet improved revenue per worker, profit margins or productivity across the 493 S&P 500 companies outside the Magnificent Seven. Apollo’s 24 October commentary says those measures have remained flat for that group, while rising for the biggest technology firms.

The distinction matters: investment in AI is not the same as a demonstrated payoff for the wider economy. Slok’s argument is a pointed challenge to the boom’s business case, not the last word on whether companies will find returns later.

Discuss: Should businesses wait for clear productivity gains before spending more on AI, or is investment now necessary to find those gains?

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