Apollo's Torsten Slok: zero AI payoff outside tech

The argument lands in a specific place: the split between the biggest US tech companies and everyone else. Slok's note contrasts the Mag 7 — whose revenue per employee and margins are both climbing — with the remaining S&P 493, where he sees neither improvement nor a sign of productivity gains. That gap is what turns a macro observation into a purchasing question, because the same note says ordinary companies have started to book AI usage fees as a cost that cuts into profit rather than as investment for growth.

The reaction gives a sense of how sensitive the topic is. The post drew 608 points and 645 comments on Hacker News and was picked up by TechCrunch, yet the piece frames it as one economist's reading rather than settled evidence. Read alongside the day's other items, the practical thread is that assembling cheaper models or changing how work is divided may matter more than signing up for the most expensive option.