Apollo says AI has delivered 'zero financial payoff' outside the tech industry
Source: Business Insider ·
Only tech companies are seeing growth from the AI boom, Apollo Global Management said.
From the source
One of the world's largest investment firms isn't bullish on AI.Michael M. Santiago/Getty ImagesOnly tech companies are seeing growth from the AI boom, Apollo Global Management says.Apollo says that though some big companies are spending big on AI, they may soon pull back.Corporate America is starting to see AI spending not as a source of growth, but as a cost center.One of the world's largest investment firms says that only tech companies are getting a share of the AI pie.In an economic analysis published on Saturday, Apollo Global Management said that while the Magnificent Seven — a group of established tech companies that includes Nvidia and Meta — are seeing revenue growth during the AI boom, this growth isn't being shared by other industries."Mainstream corporate America is pulling back and starting to view token spending not as a source of growth but as a cost center that weighs on margins," Torsten Slok, a partner and chief economist at Apollo, said in the report. "The…