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Apollo Global Management said its analysis finds that AI has delivered no financial payoff to corporate America outside the technology sector, even as major tech companies report gains during the AI boom. Torsten Slok, Apollo’s partner and chief economist, said mainstream companies are increasingly treating spending on AI tokens as a cost that pressures margins rather than a source of growth. Apollo compared revenue per employee, profit margins, and productivity growth. Since 2022, revenue per employee at tech companies has risen from about $550,000 to nearly $800,000, while the figure for other S&P 500 companies has remained near $550,000 for roughly seven years. Tech-sector profit margins have also climbed since 2022, while margins outside tech have stagnated at around 10%. The analysis said AI has not yet produced the broad acceleration in economy-wide productivity growth anticipated by some advocates. Slok said the central question is whether non-tech companies can convert increasingly inexpensive AI capabilities into faster revenue growth and higher profit margins as AI models become commoditized, adding that doing so may be difficult.