Big Tech profits on AI as others see no returns
The gist
Apollo's Torsten Slok says AI has delivered zero financial payoff outside the tech sector.
The Magnificent Seven's revenue per worker nears $800,000, versus about $550,000 for the rest.
How it unfolded
- Oct 21, 2026CNBC reports the AI boom faces challenges as big spending is no longer enough, with investors scrutinizing returns on capital.
- Oct 24, 2026Slok publishes the Apollo Daily Spark note 'No Signs of AI Payoff Outside the Tech Sector', saying revenue per worker and margins are rising for the Magnificent Seven but flat across the other 493 S&P 500 companies.
- Oct 25, 2026Apollo analysis is reported: revenue per employee at the seven tech firms jumped from an average of $550,000 in 2022 to almost $800,000 this year, while the S&P 493 has lingered around $550,000 since 2019.