Apollo: AI payoff limited to Big Tech, rest of S&P 500 sees none

Apollo Global Management says AI has yet to deliver any financial payoff to US businesses outside the tech sector. Revenue per worker and margins are rising only for the Magnificent Seven, while other S&P 500 firms treat token spending as a cost center.

• Apollo: revenue per worker and margins rise only for Magnificent Seven
• Rest of S&P 500 saw no financial benefit from AI
• Token spending growth is slowing, showing high price sensitivity
• PwC, Deloitte and McKinsey reached similar conclusions earlier