According to research by Apollo Global Management chief economist Torsten Slok, the financial benefits of the AI boom are concentrated within the Magnificent 7 group of the S&P 500 index. This group includes Nvidia, Tesla, Amazon, Microsoft, Google, Apple, and Meta.
Data shows that only these seven companies have experienced growth in revenue per employee and improved profitability margins due to AI development. Conversely, the remaining 493 companies in the S&P 500 index have seen no significant change in these metrics.
Slok notes that traditional organizations are beginning to view AI expenditures as costs that reduce margins rather than as growth-driving investments. There is currently no evidence that AI is contributing to broader productivity growth across the corporate sector.
The analyst suggests that if AI application remains limited to a small segment of the economy, its macroeconomic impact will be minimal. He emphasizes that business success relies on human judgment, corporate culture, and ethics, which AI systems cannot replicate.
Apollo Global Management, which manages approximately $1 trillion in assets, highlights the risk that current AI investments may not yield returns. Gartner analysts have also projected that over $3.5 trillion in AI infrastructure investments could potentially lose value by 2030.
