AI's financial payoff outside tech remains elusive in S&P 493 analysis

In an Oct. 24, 2026, Apollo analysis, Torsten Slok argues that AI has yet to lift financial results outside tech. Revenue per worker and profit margins are flat for the S&P 493, he writes, while both are rising for the Mag 7. Slok questions whether cheaper models will change that. Brad DeLong accepts the narrow comparison but argues that benefits to users and new businesses may matter more than existing firms' profits.