Apollo 首席经济学家称多数大型非科技企业尚未从 AI 获得财务回报
AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
Apollo Global Management 首席经济学家 Torsten Slok 称，尚无证据显示 AI 为科技行业以外的大型企业带来财务回报，其利润率和每名员工收入看起来持平。
以剔除 7 家科技巨头后的 S&P 493 为样本，观察利润率与每名员工收入变化，为审视 AI 投入与财务回报提供对照。
In Brief
Posted:
9:57 AM PDT · October 25, 2026
AI hasn’t benefited the bottom line of any big corporations outside the tech industry, according to a note recently published by the chief economist at Apollo Global Management (the private equity giant that used to own TechCrunch).
Apollo’s Torsten Slok focuses on what he calls the S&P 493 — the S&P 500, minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — finding that profit margins and revenue per worker appear to be flat, with no evidence that AI is improving productivity.
“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok said.
Is this simply a matter of non-tech companies lagging behind the tech giants? Slok sounded skeptical, arguing that it will be tough for corporate America to “turn increasingly cheap intelligence into higher revenue growth and higher profit margins.”
“AI may be a great calculator, but in business, intelligence is mostly judgment,” he wrote, later adding, “AI does not understand accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, all of which shape reputational risk and ultimately drive revenue growth and profit margins.”
Recent studies have also found that AI has yet to deliver significant productivity gains.
来源：TechCrunch · techcrunch.com