Apollo economist says AI shows zero payoff in the S&P 493

Apollo’s October 24, 2026 note compares the Mag 7 with the S&P 493. Revenue per worker and profit margins are rising for the Mag 7 but remain flat for the S&P 493.

Chief Economist Torsten Slok says there are still no signs of AI boosting productivity growth across the wider corporate economy. His framing is about aggregate financial measures, not every individual company.

The note says mainstream companies are treating token spending as a cost center. Slok writes that AI may be a great calculator, while business intelligence depends on judgment, context, and accountability.