Apollo's Slok: AI payoff only shows up in the Magnificent 7, flat for the S&P 493
Apollo chief economist Torsten Slok wrote in an October 24 note that revenue per worker and margins are rising for the Magnificent 7 tech giants but flat for the other 493 S&P 500 companies.
That's an AI payoff in 7 of 500 companies, or 1.4% of the index. Microsoft and Alphabet report Wednesday, Amazon Thursday. If the spend doesn't show up as revenue there, nobody is carrying it.
https://x.com/DeItaone/status/2114301898060611618
Sources: @Polymarket: Apollo's chief economist warns AI has delivered zero payoff to corporate America outside Big Tech · X story: Fed decision plus Microsoft and Alphabet Wednesday, Amazon and Intel Thursday
Not financial advice. For informational and educational purposes only.
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