A report by Apollo Global Management chief economist Torsten Slok, released on October 24, indicates that financial gains from artificial intelligence remain concentrated within the Magnificent Seven technology stocks. While these companies report rising revenue per worker and profit margins, the remaining 493 companies in the S&P 500 show no such growth.
The analysis found no clear evidence that AI investments are currently boosting productivity across the broader corporate sector. Many businesses now view token-based AI spending as a cost center rather than a growth driver. Rising costs from increased token usage threaten to compress profit margins if companies do not see measurable improvements in business performance.
A September 11 PwC India survey of the fintech sector supports these findings, revealing that 84% of respondents have yet to see measurable financial results from AI investments. Despite this, 48% of surveyed firms prioritize proprietary intelligence, while 30% expect customer experience to drive future AI agent adoption.
Companies face significant hurdles in scaling AI, including concerns over customer trust, security, and fraud management. Major tech firms like Microsoft, Meta, and Amazon are taking steps to manage AI usage as operational bills climb. OpenAI CEO Sam Altman has publicly acknowledged that high token costs remain a significant issue for customers.
