Apollo Global Management economist says AI yields zero payoff for corporate America outside tech

Torsten Slok: Torsten Slok serves as Partner and Chief Economist at Apollo Global Management, where he produces frequent macroeconomic analysis and market commentary for investors. He previously held senior economist roles at Deutsche Bank and international organizations including the IMF and OECD. Slok is central to the news through his October 2026 analysis concluding that AI has delivered no measurable financial payoff to corporate America outside the technology sector. Apollo Global Management: Apollo Global Management is a major alternative asset manager focused on credit, private equity, and real assets, with a strong emphasis on providing capital solutions and market insights to institutional clients. It regularly publishes data-driven economic analysis through its Daily Spark series led by its chief economist. The firm is directly tied to the news as the employer of Torsten Slok, whose recent note on AI productivity formed the basis of the reported commentary. Economic Analysis: Apollo's chief economist recently examined productivity and margin trends across the S&P 500, separating technology leaders from the broader market. Sector Performance: Recent commentary highlights that AI-related gains in revenue per worker and profit margins remain concentrated within a small group of technology companies.