IT Home On October 26, according to TechCrunch, Apollo Global Management, a private equity giant,’s chief economist recently published a report expressing the view that, outside of the technology industry, no large enterprise has gained real profit from AI.
IT Home noticed that Torsten Slok of Apollo focused on the components of the S&P 493 index, which is the S&P 500 index excluding seven tech giants: Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla. The data shows that the profit margins and per-person revenue of these companies remain largely unchanged, and there is no evidence that AI has improved their production efficiency.
S洛克 wrote: “Despite the huge investment and extensive promotion, for American companies, outside of the technology industry, this technology has not brought any financial returns yet.”
Is it just that non-tech companies lag behind tech giants in their implementation pace? Srock is skeptical about this. He believes that it is difficult for ordinary American companies to convert the increasingly cheap intelligent computing power into higher revenue growth and profit margins.
“AI may be a powerful calculator, but the intelligence needed in business is mostly about judgment.” He also added: “AI cannot understand responsibilities, trust, corporate culture, unwritten rules, ethical choices, and fairness. These factors determine reputational risks, and ultimately influence revenue growth and profit margins.”
Recently, several studies have reached similar conclusions: AI has yet to bring about significant productivity improvements.