AI delivers 'zero financial payoff' to most companies, Apollo economist says

Apollo Global Management’s chief economist, Torsten Sløk, reported that artificial intelligence has produced no measurable financial return for corporate America outside the technology sector, despite sustained heavy investment and widespread promotion of the technology’s benefits.

According to the summary published by TechCrunch, Sløk’s finding was stated plainly: massive capital commitments and years of hype have not translated into gains for companies beyond the tech industry itself. The report frames this as a direct challenge to prevailing narratives about AI’s transformative economic reach.

TechCrunch presented the assessment as significant largely because of its source. Sløk holds a prominent position within the financial sector, at a major alternative asset manager, and his skepticism carries weight precisely because economists in his position have often been counted among AI’s institutional boosters rather than its critics.

The piece, published October 25, offers no further breakdown by industry, company size, or geography, nor does it detail Sløk’s methodology or the data set behind the claim. The TechCrunch summary does not specify whether the finding covers a particular fiscal period or represents a cumulative assessment since AI adoption began accelerating.

The report’s stated significance rests on the gap it identifies between corporate spending patterns and documented earnings impact, a gap the publication suggests may be wider, and more persistent, than most market participants currently assume.