AI Delivers Zero Financial Payoff to Most Companies, Apollo Economist Says
Yahoo Finance ·
Artificial intelligence has generated virtually no financial benefits for major corporations outside the technology sector, according to a recent analysis by Torsten Slok, chief economist at Apollo Global Management. Released on October 25, 2026, the report highlights that the S&P 493—the S&P 500 excluding the seven tech giants Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—has shown stagnant profit margins and flat revenue per worker, revealing no measurable productivity improvements from AI adoption. Despite massive capital expenditures and widespread market hype, Slok argues that transforming cheap computing intelligence into actual revenue growth and higher margins will remain extremely difficult. He emphasizes that while AI functions as a powerful calculator, corporate success relies heavily on judgment, accountability, trust, and ethical considerations—factors that automated systems simply cannot grasp.
AI 시장 분석
According to Apollo Global Management's chief economist, S&P 493 companies excluding the Magnificent 7 show no financial performance or productivity gains from AI adoption. Despite massive investments, profit margins and revenue per worker among non-tech companies remain stagnant, suggesting significant time lags and limitations before AI technology translates into actual corporate earnings.
상승 영향
- AI — Massive investments in AI technology continue, centered around Big Tech companies, maintaining related infrastructure demand amid high market expectations.
하락 영향
- Stock Market — As non-tech companies fail to prove financial results against AI investments, risks of overall earnings growth slowdown and dampened investment sentiment have grown.
- Growth Stocks — As the monetization timeline for AI technology becomes uncertain, it becomes difficult to justify high valuations, increasing downward pressure on stock prices.
DYAX 전담 분석
The delay in practical monetization by non-tech companies relative to massive AI-related capital expenditures (Capex) raises concerns about future demand for IT and AI hardware. If companies fail to prove return on investment (ROI), there is a risk that related investments will be scaled back.
In the bullish scenario, AI adoption efficiency improves and benefits spread to non-tech companies, whereas in the bearish scenario, the bubble narrative gains traction and downward pressure on related stocks could intensify. Going forward, attention should be paid to AI-related actual revenue contribution metrics in upcoming corporate earnings reports.
AI가 생성한 분석으로 투자 자문이 아닙니다.
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