Artificial Intelligence
Apollo says AI has no payoff outside tech
A note under Marc Rowan’s name argued that AI had not improved revenue, margins or productivity for companies outside technology, while token spending remained concentrated among venture-backed firms.
- Apollo published a note on 24 October 2026 under Marc Rowan’s name.
- The note said AI had produced no financial payoff for corporate America outside technology.
- It said revenue per worker and profit margins were rising for the Mag 7 but were flat for the S&P 493.
- It said venture-backed firms were spending more on tokens, while mainstream companies were treating token spending as a margin cost and the macro effects of AI would stay limited.
Apollo’s note, dated 24 October 2026 and headed with Marc Rowan’s name, argued that artificial intelligence had not shown a financial benefit in the wider US economy. It said the gains were visible in the Mag 7, while the S&P 493 showed no comparable improvement.
The note said revenue per worker and profit margins were still increasing for the technology-heavy group, but were flat for the broader index. It also said mainstream companies were starting to see token spending as a drag on margins rather than as a source of growth.
Looking ahead, the piece said cheaper models would not necessarily lead to stronger business results. It argued that judgement, trust, accountability and similar factors would limit how far AI could move revenue and margins.
Named in this story
People
- Marc Rowan
- was named in the heading above the note
Companies
- Apollo
- published the note arguing AI had not paid off outside tech
How the source tells it
The source was a polemical analytical note that used sweeping contrasts and categorical negatives to argue that AI had not yet paid off outside tech.
- pessimism categorical claims of zero payoff and flat comparisons outside tech
- moral framing the argument that judgement, trust, accountability and fairness shape business outcomes