AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

In Brief Posted: 9:57 AM PDT · October 25, 2026 Image Credits:Carol Yepes (opens in a new window) / Getty Images Anthony Ha AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

简讯发布于：太平洋夏令时间 2026 年 10 月 25 日上午 9:57。图片来源：Carol Yepes（在新窗口中打开）/ Getty Images。作者：Anthony Ha。阿波罗全球管理公司经济学家称，人工智能对大多数公司而言“零财务回报”。

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).

根据阿波罗全球管理公司（曾拥有 TechCrunch 的私募股权巨头）首席经济学家最近发布的一份报告，人工智能尚未使科技行业以外的任何大公司的利润受益。

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.

阿波罗公司的 Torsten Slok 将目光聚焦于他所谓的“标普 493 指数”——即标普 500 指数剔除 Alphabet、亚马逊、苹果、Meta、微软、英伟达和特斯拉后的部分。他发现，这些公司的利润率和人均收入似乎持平，没有证据表明人工智能正在提高生产力。

“Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech,” Slok said.

Slok 表示：“尽管在人工智能方面进行了大量投资并伴随着广泛的炒作，但这项技术对科技行业以外的美国企业而言，财务回报为零。”

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.”

这仅仅是因为非科技公司落后于科技巨头吗？Slok 对此表示怀疑，他认为美国企业很难“将日益廉价的智能转化为更高的收入增长和更高的利润率”。

“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.”

他写道：“人工智能可能是一个出色的计算器，但在商业中，智能主要体现为判断力。”他随后补充说：“人工智能不理解责任、信任、文化、潜规则、道德权衡或公平，而所有这些因素都塑造了声誉风险，并最终推动了收入增长和利润率。”

Recent studies have also found that AI has yet to deliver significant productivity gains.

最近的研究也发现，人工智能尚未带来显著的生产力提升。