Slok says AI has yet to bring real returns for mainstream American companies

Apollo Global Management Chief Economist Torsten Slok stated that despite companies investing massive amounts of capital in the artificial intelligence sector, AI has yet to bring any tangible returns to U.S. businesses outside of the technology industry. Slok wrote: "Employee revenue per capita at the seven major tech giants is increasing, but this metric has remained flat for the other 493 companies in the S&P 500." Corporate profit margins show a similar trend, and there is currently no sign that AI is driving productivity growth. Slok commented: "Mainstream U.S. enterprises are scaling back investments and are beginning to view AI token consumption expenditures as a cost center rather than a source of growth, as these expenses are squeezing profit margins." As earnings season begins, investors are closely watching corporate AI spending and whether related investments can deliver the expected returns. Last week, Meta was the first to announce movements related to tech industry earnings, stating it plans to bet more aggressively on AI and step up its capital expenditure plans. This statement caused unease in the market, leading to a decline in Meta's stock price and raising its credit risk indicators to historic highs.