A new analysis by Apollo Global Management argues that AI has not yet driven economic gains outside the tech sector, as productivity and profit margins remain flat across S&P 500 firms when excluding major tech giants.
According to the research, profit margins and productivity per employee remain stable in the remaining companies. The analysis looked at large US companies in the S&P 500 index, leaving out the seven largest technology giants, namely Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla.
As Slok points out, AI cannot understand concepts like accountability, trust, culture, and ethics, which are essential to the functioning of businesses. Recent studies have also concluded that the new systems have not delivered significant increases in productivity.
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