AI’s boost to the U.S. economy is nearing its peak, Goldman says, as Apollo finds ‘zero financial payoff’ outside Big Tech
Source: Fortune ·
Apollo’s Torsten Slok rocked Wall Street with his take that AI returns just aren't there, then Goldman’s Jan Hatzius flagged two major downsides to growth.
From the source
The AI boom has been propping up U.S. growth for more than a year. But Goldman Sachs chief economist Jan Hatzius says that support is about to crest, and Apollo chief economist Torsten Slok says the payoff that was supposed to replace it hasn’t shown up. “Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok wrote in a note Saturday. Hatzius wrote in a note to clients Monday that the growth impulse from the AI boom was set to peak in late 2026 or early 2027 “even before concerns around the sustainability of the AI investment boom intensified in recent weeks.” AI is one of several reasons Hatzius sees risks to growth tilting downward. Gasoline, diesel, jet fuel and European and Asian natural gas prices are back near or above their March and April highs on fears of renewed Middle East escalation. Long-term interest rates are up about 100 basis points on average…