Analysis from Apollo Global Management indicates AI economic gains remain largely confined to major tech firms.
While the Magnificent 7 saw revenue per employee rise ~30% over four years, broader S&P 500 productivity growth remains stagnant.
According to the data he presented, revenue per employee at the seven largest technology companies—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla—has increased by about 30% over the past four years. In contrast, there has been no apparent improvement in either revenue or profit margins at the rest of the companies. Meanwhile, profit margins have remained stagnant across the rest of the country’s stock market for 11 years.
Productivity and market reality
Although the main promise of modern AI systems is that they can help workers do more work in less time, the reality in the market paints a different picture. Overall productivity indicators, after a temporary rise in early 2023 that was likely due to the first tests of such programs, have since returned to zero levels.
Most businesses today treat this technology more as an additional expense that weighs on their profits than as something that speeds up their work.
Why businesses don't see the expected results
Slok points out that artificial intelligence lags behind in key areas of human work. Specifically, he argues that these programs are unable to understand the concept of responsibility, trust, corporate culture, unwritten rules, moral choices, and justice.
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The article was published by Jon Martindale on October 27, 2026.
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