Economist Torsten Slok says artificial intelligence has delivered zero payoff outside the tech sector

Corporate spending habits on technology shift as mainstream firms pull back on artificial intelligence investments due to a lack of measurable bottom-line returns, affecting broader macroeconomic growth and financial market stability.

• •Artificial intelligence has produced zero financial payoff for companies outside of the technology sector, according to 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.
• •Mainstream corporate America is pulling back on technology investments, viewing token spending as a cost center rather than a growth driver.
• •Macroeconomic effects of artificial intelligence remain very limited because agentic AI and token spending are confined to a small part of the economy.
• •AI giant Anthropic has recently filed for an initial public offering.
• •Business judgment depends on human context, accountability, trust, culture, and ethics, areas where artificial intelligence lacks understanding according to the analysis.
• •Public pushback over data centers, rogue AI agents, and job cut concerns have cooled general public support for the technology.
• •Financial markets have experienced unease and uncertainty regarding artificial intelligence in the weeks leading up to midterm elections.