Apollo首席经济学家称AI对科技业以外的大企业财务回报为零
AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
- 1Apollo首席经济学家Slok称，科技业以外的大企业尚未从AI获得财务回报。
- 2他统计的标普493公司利润率和人均营收基本持平，没有证据表明AI提升了生产率。
- 3Slok认为问题不只是落后于科技巨头，而是企业难以把越来越便宜的智能转化为更高营收和利润率。
- 4文章提到近期多项研究同样发现AI尚未带来显著生产率提升。
一位大型资管首席经济学家把AI争议从普及率推向回报率，指出非科技大企业的投入尚未落到利润表上。
- 影响：非科技大企业的AI预算会面临更严格的回报审查，讲故事式投入更难获批；对AI供应商而言，降本叙事需要换成可计量的营收或利润结果；该口径只覆盖科技巨头以外的大公司，不直接适用于中小企业。
- 参考：可考虑为现有AI项目逐项记录对营收和利润率的影响，先算出真实回报再谈扩投；值得在下一轮预算审查中区分已验证收益的场景与仍在试点投入的场景。
- 依据：数据与结论出自Apollo全球管理公司首席经济学家Torsten Slok的评论文章，属单一来源观点，利润率和人均营收口径未经独立验证；文中另引近期多项研究作为佐证。
In Brief
Posted:
9:57 AM PDT · October 25, 2026
AI hasn’t benefited the bottom line of any big corporations outside the tech industry, according to a note recently published by the chief economist at Apollo Global Management (the private equity giant that used to own TechCrunch).
Apollo’s Torsten Slok focuses on what he calls the S&P 493 — the S&P 500, minus Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — finding that profit margins and revenue per worker appear to be flat, with no evidence that AI is improving productivity.
“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok said.
Is this simply a matter of non-tech companies lagging behind the tech giants? Slok sounded skeptical, arguing that it will be tough for corporate America to “turn increasingly cheap intelligence into higher revenue growth and higher profit margins.”
“AI may be a great calculator, but in business, intelligence is mostly judgment,” he wrote, later adding, “AI does not understand accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, all of which shape reputational risk and ultimately drive revenue growth and profit margins.”
Recent studies have also found that AI has yet to deliver significant productivity gains.
来源：TechCrunch · AI · techcrunch.com