Apollo: US non-tech companies are not making money from AI
10/25/2026 — 10/25, 06:16·2 sources (all)·2 reports (all)·In the 2026-10-25 briefing
Key takeaways
- Apollo Global Management's Torsten Slok argues that despite massive spending and relentless hype, AI has yet to deliver financial returns fo…
Background & analysis
On October 25, 2026, a write-up analysis spread widely on Hacker News, earning 223 points. The piece claims that despite massive investment and widespread hype around AI, the technology has delivered no financial payoff to corporate America outside of the tech sector. It compares two groups of companies, pointing out that revenue per worker and profit margins are rising for the Mag 7 while remaining flat for the S&P 493, and that a third chart still shows no sign of AI lifting productivity growth. According to the author, with no impact on the bottom line, mainstream American companies are pulling back and starting to treat token spending not as a source of growth but as a cost center that weighs on margins. The piece adds that VC-backed companies are spending ever more on tokens, while mainstream corporate America does not need the latest model, and the material cuts off there. No independent confirmation of these claims appears in the available material, and there are no follow-up reports; the story remains at the stage of this analysis circulating online.
AI-generated from 1 reports · updated 2 hours ago
Latest turnTorsten Slok of Apollo Global Management argues that AI has delivered no financial payoff to US companies outside the tech sector, despite heavy investment and hype, and is now viewed as a cost center that hurts margins. He also notes that VC-backed firms keep burning more tokens.
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Torsten Slok of Apollo Global Management argues that AI has delivered no financial payoff to US companies outside the tech sector, despite heavy investment and hype, and is now viewed as a cost center that hurts margins. He also notes that VC-backed firms keep burning more tokens.
TechmemeAI score 57An analysis circulating on Hacker News argues that AI has delivered no financial payoff to corporate America outside tech: revenue per worker and profit margins are rising for the Magnificent 7 but flat for the S&P 493, with no sign of a productivity boost. The author says mainstream firms now treat token spending as a cost center rather than a growth driver, and questions whether cheap intelligence can translate into revenue and margin growth.
Hacker News · AIAI score 56
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