Apollo Report: AI Dividends Concentrated in Tech Companies, Other Industries See Profit Margins Stagnate
Apollo Global Management released an economic analysis report stating that the revenue growth brought by the AI boom has been captured mainly by tech giants such as Nvidia and Meta, while other industries have not shared in this dividend. The report shows that since 2022, revenue per employee at tech companies has risen from $550,000 to nearly $800,000, while at other S&P 500 companies it has hovered around $550,000 for the past seven years; tech company profit margins have climbed sharply, while other companies have maintained margins of around 10%. Chief Economist Slok said that mainstream U.S. companies are treating Token spending as a cost center that drags down profit margins.
Why read this
AI score 58
Apollo compares tech companies with the rest of the S&P 500 using three financial metrics, presenting concrete data on the uneven distribution of AI dividends.
Topics
Body · AI translation
Investment giant Apollo: AI only enriched tech companies, other industries were dragged down instead. Phoenix Tech Download the app for exclusive early access. October 26, 2026, 07:46:38 From Beijing. Updated October 26, 2026, 07:46:47
Phoenix Tech News, October 26 (Beijing time), according to Business Insider, Apollo Global Management, one of the world's largest investment firms, said that currently only tech companies have gotten a share of the AI boom.
In an economic analysis report released last Saturday, Apollo Global Management pointed out that although the "Magnificent Seven" tech giants, including Nvidia and Meta, have achieved revenue growth in the AI boom, other industries have not shared in this growth dividend.
"Mainstream U.S. companies are cutting back on spending and beginning to view Token spending as a cost center that drags down profit margins rather than a source of growth. Outside the tech industry, this technology has not brought any financial return to U.S. companies," said Torsten Slok, Apollo partner and chief economist, in the report.
Through a series of charts, Slok analyzed three main indicators: revenue per employee, profit margin, and productivity growth. These indicators have soared for tech companies, but not for ordinary companies.
Since 2022, revenue per employee at tech companies has soared, from $550,000 to nearly $800,000 currently. At the same time, this indicator for other companies in the S&P 500 has changed little, hovering around $550,000 for the past seven years.
Similarly, since 2022, profit margins at tech companies have climbed sharply, while profit margins at other companies have stagnated, remaining at around 10%.
For more first-hand news, please download the Phoenix News app and subscribe to Phoenix Tech. For in-depth reporting, please search "Phoenix Tech" on WeChat.