AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
- Who
- Torsten Slok
- What
- argued AI has delivered no financial payoff to companies outside the tech industry
- Quote
“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok said.
What happened
Apollo Global Management chief economist Torsten Slok argues that AI has delivered no financial payoff to corporate America outside tech. His analysis of the S&P 493, which excludes seven tech giants from the S&P 500, finds apparently flat profit margins and revenue per worker. Slok questions whether increasingly cheap intelligence can drive revenue growth and higher margins, arguing that business judgment depends on accountability, trust, culture and other factors AI does not understand.
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See the full storyApollo Economist Argues AI Has Delivered No Financial Payoff Outside TechThe story so far
Apollo Global Management chief economist Torsten Slok argued that AI has delivered “zero financial payoff” to corporate America outside tech, citing apparently flat profit margins and revenue per worker in his analysis of the S&P 493, which excludes seven tech giants from the S&P 500. Slok questioned whether increasingly cheap intelligence can generate revenue growth and higher margins. He argued that business judgment depends on accountability, trust, culture and other factors that AI does not understand.
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