AI hasn’t benefited the bottom line of any big corporations outside the tech industry, according to a note recently published by the chief economist at Apollo Global Management (the private equity giant that used to own TechCrunch). Apollo’s Torsten Slok focuses on what he calls the S&P 493 — the S&P 500, minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — finding that profit margins and revenue per worker appear to be flat, with no evidence that AI is improving productivity. “De…
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