Torsten Slok reports artificial intelligence has delivered zero financial payoff outside the tech sector

Corporate spending patterns and macroeconomic productivity growth are directly affected as mainstream businesses pull back on artificial intelligence investments due to a lack of measurable return on investment.

• •Artificial intelligence has delivered zero payoff for companies outside of the tech sector, according to Apollo Global Management chief economist Torsten Slok.
• •Revenue per worker and profit margins are rising for the Magnificent 7 tech stocks but remain flat for the rest of the S&P 500.
• •There are no signs of artificial intelligence boosting productivity growth across mainstream corporate America.
• •Mainstream companies are beginning to view token spending as a cost center that weighs on margins rather than a source of growth.
• •Venture capital-backed companies continue to spend increasingly large amounts on tokens.
• •AI giant Anthropic has recently filed for an initial public offering (IPO).
• •Torsten Slok stated that business judgment depends on context, accountability, trust, culture, and ethics—areas where AI does not understand trade-offs.
• •Public pushback over data centers, rogue AI agents, and job cut concerns have contributed to the general public cooling on the technology.
• •Financial markets have experienced unease surrounding AI in the final weeks leading up to midterm elections.