FreeLLMApollo economist says AI has delivered zero financial payoff to non‑tech firms
Torsten Slok finds profit margins flat for S&P 493 firms, questioning AI’s impact on corporate productivity.
Torsten Slok, chief economist at Apollo Global Management, released a note on October 25, 2026 analyzing the S&P 493 – the S&P 500 without the six biggest tech firms.
His data shows profit margins and revenue per worker for these companies remain flat, with no clear sign that AI has boosted productivity.
Slok argues that despite large investments, AI has not translated into higher revenue growth or profit margins for most corporations outside the tech sector.
He adds that AI lacks understanding of accountability, trust, culture, and ethical trade‑offs, factors he says drive reputational risk and financial performance.
The findings contrast with the hype surrounding AI and suggest that non‑tech firms may lag behind the tech giants in realizing AI benefits.
What it means for you
For AI users, the report highlights that large‑scale AI deployments may not guarantee financial gains, prompting a focus on niche or efficiency‑driven applications. Free and locally run models, such as top‑ranked Kimi K3 or GLM‑5.3, remain valuable for organizations seeking cost‑effective, controllable AI without relying on expensive enterprise solutions.
On FreeLLMArena
From our rankings on 25 Oct 2026, based on Arena's blind votes:
- Kimi K3 (Max): #1 among free chat models
Sources
- AI delivers ‘zero financial payoff’ to most companies, Apollo economist says, TechCrunch, 25 Oct 2026
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