Apollo 经济学家：AI 对多数企业带来“零财务回报”
AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
AI 导读
Apollo Global Management 首席经济学家 Torsten Slok 称，AI 尚未给科技行业以外的大型企业带来任何财务回报。
摘要与补充说明
他聚焦标普 500 中剔除 Alphabet、Amazon、Apple、Meta、Microsoft、Nvidia 和 Tesla 后的“S&P 493”，发现这些公司的利润率和人均营收基本持平，没有证据显示 AI 提升了生产率。Slok 表示，尽管 AI 投资巨大且备受追捧，但对科技以外的美国企业而言“零财务回报”，并认为企业很难把日益廉价的智能转化为更高的营收增长和利润率。
正文
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.