FreeLLMApollo analysis finds AI benefits limited to tech giants, not mainstream firms
Apollo Global Management reports that AI has boosted revenue per employee and margins for the Magnificent Seven, while the rest of the S&P 500 sees flat metrics.
The study compares the “S&P 493” – the S&P 500 minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – to the “Magnificent Seven” and finds revenue per employee rising from $550,000 in 2022 to nearly $800,000 at the tech firms, while remaining around $550,000 for the S&P 493 since 2019.
Productivity growth charts indicate little impact from AI on average companies, contradicting optimistic forecasts of an “age of abundance.”
Apollo analyst Torsten Slok notes that most non‑tech firms view AI token spending as a cost rather than a growth driver, and questions whether cheaper, commoditized models can improve revenue or margins for mainstream corporate America.
What it means for you
For AI users, the findings suggest that free or locally hosted models may not deliver the productivity boost seen in large tech firms, limiting their business case. Companies seeking cost‑effective AI should temper expectations about revenue impact and focus on niche applications where judgment and context are less critical.
Sources
- Apollo analysis shows no one besides the biggest tech giants is seeing benefits from AI, SiliconANGLE, 26 Oct 2026
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