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Apollo chief economist Torsten Slok argues that AI’s economic gains remain concentrated in a handful of large technology companies, with little sign of wider productivity growth.

TechSpot reports that Slok’s analysis finds inflation-adjusted revenue per worker and profit margins rising among the “Magnificent 7”, while the rest of the S&P 500 is flat on both measures. That is his reading of corporate performance, not proof that AI has delivered no value anywhere else. The useful question is whether the benefits will spread beyond the companies building and selling the technology, or whether most businesses will keep treating AI as a cost. The economic verdict may depend less on the biggest AI firms than on what happens across the other 493.

Discuss: What would count as convincing evidence that AI is lifting productivity beyond the biggest technology companies?

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