---
title: "AI Boom Has Enriched Only Seven: 493 S&P 500 Companies See No Return on AI Investment"
description: "Torsten Slok, Chief Economist at Apollo Global Management, argues in a new study that only seven S&P 500 companies are benefiting from AI adoption, while the remaining 493 see no return. The macroeconomic effect of the technologies remains minimal."
date: 2026-10-28T18:18:03.929Z
lang: en
url: https://xab.info/en/posts/ai-boom-enriched-only-seven-493-sp-companies
tags: [ai, sp-500, artificial-intelligence, corporate-investment, productivity, apollo-global-management]
author: "Darya Fomina"
publisher: "XAB.info"
---

# AI Boom Has Enriched Only Seven: 493 S&P 500 Companies See No Return on AI Investment

![Abstract digital image of the acronym AI against a circuit board background](https://xab.info/media/2026/10/28/ii-bum-obogatil-lish-semerih-493-kompanii-sp-500-ne-vidyat-otdachi/ii-bum-obogatil-lish-semerih-493-kompanii-sp-500-ne-vidyat-otdachi-1.webp)

## Key Points

- According to Torsten Slok (Apollo Global Management), revenue per employee and profitability growth from AI are recorded only at the S&P 500's 'Magnificent 7'
- The remaining 493 companies in the index show no improvement in metrics related to AI implementation
- Traditional corporations are beginning to cut AI spending, reclassifying it from investments to operational costs
- Gartner forecasts the potential write-off of over $3.5 trillion in AI infrastructure investments by 2030
- Slok believes AI is incapable of accounting for corporate culture, ethics, and unwritten rules that determine reputational risks

Torsten Slok, Chief Economist at Apollo Global Management, has published a study stating that the so-called "AI revolution" has brought measurable benefits to only a narrow circle of market participants. According to his data, the vast majority of companies in the S&P 500 index see virtually no financial results from the adoption of generative artificial intelligence and large language models, despite colossal financial investments and the hype surrounding the achievements of the AI industry. The macroeconomic impact of the technologies, the analyst argues, remains extremely limited: outside the tech segment, the American corporate sector has yet to receive a tangible financial return from artificial intelligence systems.

### The Magnificent Seven vs. the S&P 493

Slok identifies a group of seven companies in the S&P 500—Nvidia, Tesla, Amazon, Microsoft, Google (Alphabet), Apple, and Meta—commonly referred to in business circles as the "Magnificent 7." According to his data, it is precisely these corporations whose inflation-adjusted revenue per employee shows steady growth, alongside improving profitability metrics. For the remaining 493 companies in the index, which Slok ironically designates as the "S&P 493," these indicators have remained at previous levels and show no dynamics that could be linked to the implementation of AI. Thus, the economic effect of the technologies is concentrated in a narrow segment rather than distributed across the entire economy.

### From Investment to Cost: A Paradigm Shift

Slok pays special attention to the fact that he sees no signs of labor productivity growth driven by AI adoption. Lacking tangible returns, S&P 500 companies are beginning to rethink their approach to implementation spending: they increasingly view AI costs not as strategic investments capable of ensuring future business growth, but as expenses that reduce current margins. This is leading to budget cuts for AI projects in traditional corporations. Unlike startups that scale up AI spending with venture capital support, established organizations do not feel an urgent need for the latest models and are not willing to pay premium prices for them.

### A "Powerful Calculator" Rather Than a Strategic Partner

Slok does not rule out that over time, the use of AI models will become a mass and standardized product, and the cost of using them will drop to a level that allows companies to increase revenue and profitability. However, in his assessment, achieving this goal may be significantly more difficult than the industry's optimistic narrative suggests. The analyst characterizes AI as a powerful "calculator," emphasizing that sustainable business is based on sound judgment, not just computation. "AI does not understand concepts such as responsibility, trust, corporate culture, unwritten rules, ethical compromises, or fairness. Yet these very things determine reputational risks and ultimately affect revenue growth and profitability," Slok writes in his study.

### Who Will Decide AI's Fate: The Seven or the 493

Slok concludes that the fate of artificial intelligence as an economic tool will be determined not by the Magnificent Seven, but by the remaining 493 companies in the S&P 500 index. If the scope of AI application continues to be restricted to only a small fraction of the economy, its macroeconomic impact will remain negligible. Apollo, the asset management firm where the analyst works, controls around one trillion dollars in assets, giving his assessments additional weight. His findings echo recent forecasts by Gartner analysts, who suggested that by 2030, more than $3.5 trillion invested in AI infrastructure could be wiped out. At the same time, not all economists share this pessimism: a number of experts believe that in the long run, investments in AI will pay off through productivity growth and increased profits across the entire economy, and the current gap between the "seven" and the rest of the companies is a temporary phase of adaptation.

## Fact-Check & Sources

- [ИИ-бум обогатил лишь семерых: остальные 493 компании S&P 500 пока не видят отдачи от инвестиций window-new](https://3dnews.ru/1150475/iibum-obogatil-lish-semerih-ostalnie-493-kompanii-sp-500-poka-ne-vidyat-otdachi-ot-investitsiy) - Primary source. All key facts (Slok's data, Magnificent 7 composition, Apollo's ~$1 trillion valuation, Gartner's $3.5 trillion forecast) are taken from this text. The alternative position of economists is mentioned without naming a specific publication.

## FAQ

### Who is the author of the study on the limited effect of AI on the S&P 500?

The study's author is Torsten Slok, Chief Economist at asset management firm Apollo Global Management, which manages around one trillion dollars in assets.

### Which companies, according to Slok, are benefiting from AI?

Seven companies—Nvidia, Tesla, Amazon, Microsoft, Google (Alphabet), Apple, and Meta, known as the 'Magnificent 7'—are seeing benefits in the form of inflation-adjusted revenue per employee and profitability.

### What is happening to corporate AI spending?

Lacking tangible returns, S&P 500 companies are beginning to cut AI implementation spending, viewing it as costs that reduce margins rather than investments in future growth.

### What is Gartner's forecast regarding AI investments?

Gartner analysts suggested that by 2030, more than $3.5 trillion invested in AI infrastructure could be wiped out.

### Why does Slok compare AI to a calculator?

Slok emphasizes that AI performs computational functions but does not understand corporate culture, responsibility, trust, ethical compromises, and unwritten rules that determine reputational risks and business profitability.