AI delivers no financial payoff for non-tech S&P 493 companies, Apollo finds

Apollo Global Management’s chief economist, Torsten Slok, has found no evidence that AI has improved productivity or profit margins for companies outside the tech industry. His analysis of the S&P 493—excluding major tech firms—shows flat financial performance despite AI adoption, raising questions about the near-term benefits for non-tech sectors.

Tarun Mottlia

Editor, Lazyfounder

Published Oct 25, 20262 min read

AI delivers no financial payoff for non-tech S&P 493 companies, Apollo finds — Image: TechCrunch via source

KEY HIGHLIGHTS

Apollo Global Management’s chief economist, Torsten Slok, found no financial benefits from AI for companies outside the tech industry in the S&P 493 (S&P 500 minus major tech firms).
Profit margins and revenue per worker in the S&P 493 show no evidence of AI-driven productivity improvements.
Slok questioned whether non-tech companies can achieve significant financial gains from AI in the near future.

Findings from the S&P 493 analysis

Torsten Slok, chief economist at Apollo Global Management, analyzed financial performance across the S&P 493—a subset of the S&P 500 excluding Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. His research found no evidence that AI has improved productivity or profit margins for these companies.

Slok’s analysis focused on revenue per worker and profit margins, both of which remained flat despite increased AI adoption. The findings suggest that, outside the tech sector, AI has not yet translated into measurable financial gains.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Slok’s research underscores a critical gap between the narrative of AI as a transformative tool and its real-world financial impact. While tech giants continue to benefit from AI-driven efficiencies, non-tech industries face unclear returns, challenging the assumption that AI adoption alone guarantees productivity or profitability.

For founders, this signals caution: AI investments should be tied to specific, measurable outcomes rather than broad expectations. Operators may need to reassess whether current AI applications address actual pain points or merely follow industry trends. Investors, particularly in private equity or corporate finance, might reconsider valuations or timelines for AI-driven growth in traditional sectors.

Key takeaways

For founders outside the tech industry, AI adoption may not yet deliver measurable financial returns, requiring clearer use cases before scaling investments.
The discrepancy between AI hype and financial outcomes in non-tech sectors suggests operators should prioritize pilot programs over large-scale deployments.
Investors betting on AI-driven productivity gains in traditional industries may need to adjust expectations or timelines.

Sources

TechCrunch · 2026-10-25
AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

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