AI Has Not Delivered Returns for Non-Tech Companies in the U.S.

Torsten Slok, chief economist at Apollo Global Management, stated that despite significant investments in artificial intelligence, AI has yet to deliver actual returns for non-tech companies in the U.S. Slok pointed out that the average income per employee at the seven major tech giants is increasing, while this metric remains flat for the other 493 companies in the S&P 500. Corporate profit margins have also not improved, and there are currently no signs that AI is driving productivity growth. Slok mentioned that mainstream U.S. companies are scaling back their investments, viewing AI spending as a cost center rather than a source of growth, as these expenditures are squeezing profit margins. With the earnings season approaching, investors are focusing on companies' AI spending and whether it can deliver the expected returns. Last week, Meta was the first to announce its earnings direction, stating it would invest more aggressively in AI and increase its capital expenditure plans, a move that unsettled the market, leading to a drop in Meta's stock price and pushing its credit risk indicators to a historic high.

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