A study by Apollo Global Management indicates that the financial benefits of AI adoption are currently concentrated among seven major technology companies within the S&P 500 index, including Amazon, Apple, Google, Nvidia, and Microsoft. These firms have seen improvements in sales profitability and revenue per employee.
In contrast, the remaining 473 companies in the index have not realized similar financial gains. Torsten Sløk, chief economist at Apollo, notes that there is no evidence that heavy investment in AI has boosted labor productivity for businesses outside the technology sector.
The cost structure of AI models poses a challenge, as many providers charge based on token usage. As tasks become more complex, expenses rise. In June 2026, Nvidia CEO Jensen Huang stated that the company's AI computing costs per person now exceed employee salaries, a trend also observed at the startup Mercor.
Businesses are increasingly viewing token expenditures as a controlled operational cost rather than a growth investment. Mature companies are showing a preference for cheaper AI alternatives over newer, more expensive models. This shift complicates the business models of AI providers, who rely on sustained client spending to maintain revenue growth.
