AI delivers ‘zero financial payoff’ to most companies, according to Apollo economist

Apollo Global Management's chief economist, Torsten Slok, found that AI has not delivered financial benefits to non-tech companies in the S&P 493, a subset of the S&P 500 excluding tech giants. He argues that AI investments have not led to improved productivity or revenue growth for these companies. Slok suggests that AI's inability to understand business judgment, accountability, and cultural factors contributes to its lack of payoff. Recent studies also support the notion that AI has not yet delivered significant productivity gains. The tech industry, however, has seen benefits from AI investments.