Apollo 经济学家：AI 尚未给多数企业带来财务回报
AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
Apollo Global Management 首席经济学家 Torsten Slok 表示，除科技巨头外的绝大多数美国企业并未从人工智能中获得财务回报。他指出，S&P 493 的利润率和员工人均营收保持平稳，没有证据表明 AI 正在提升生产力，且企业将廉价智能转化为营收增长和利润率提升将面临困难。
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.
来源：TechCrunch · AI · techcrunch.com