Apollo economist finds AI has not paid off financially outside the tech sector

AI has brought no financial gain outside the tech sector, according to Torsten Slok, chief economist at Apollo Global Management, in an October 24 note. Among the other 493 S&P 500 companies, excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, profit per sale and sales per worker look flat, with no sign of AI making workers more productive.