Despite massive investments, AI has delivered *"zero returns"* to the rest of http://EE.UU. outside the tech sector, according to Torsten Slok, Apollo’s chief economist.
In his October 24 note, "No Signs of AI Payoff Outside Tech," Slok divides the S&P 500 into two groups: the *Magnificent 7* and the other 493 companies.
For the 7 giants, revenue per employee and margins are rising. For the remaining 493—banks, retail, industry, and healthcare—both metrics are *flat*. Productivity measured by the San Francisco Fed also shows no AI-driven boost.
Slok warns of a fundamental flaw: 80% of the top 1% of AI spenders are venture-capital-funded startups that pay for computing with capital, not profits. There is circularity: AI companies are funding their own customers.
His words: "AI can be a great calculator, but in business, intelligence is judgment." Companies see spending on tokens as a cost center, not a source of growth.
#BTC走势分析 #btc70k
In his October 24 note, "No Signs of AI Payoff Outside Tech," Slok divides the S&P 500 into two groups: the *Magnificent 7* and the other 493 companies.
For the 7 giants, revenue per employee and margins are rising. For the remaining 493—banks, retail, industry, and healthcare—both metrics are *flat*. Productivity measured by the San Francisco Fed also shows no AI-driven boost.
Slok warns of a fundamental flaw: 80% of the top 1% of AI spenders are venture-capital-funded startups that pay for computing with capital, not profits. There is circularity: AI companies are funding their own customers.
His words: "AI can be a great calculator, but in business, intelligence is judgment." Companies see spending on tokens as a cost center, not a source of growth.
#BTC走势分析 #btc70k