According to Jin10, Apollo Global Management Chief Economist Torsten Slok said that despite companies investing heavily in artificial intelligence, AI has yet to deliver tangible returns for U.S. businesses outside the technology sector. Slok wrote that revenue per employee is rising at the seven major technology companies but is flat at the other 493 companies in the S&P 500. Corporate profit margins show a similar pattern, and there is currently no sign that AI is driving productivity growth. Slok said mainstream U.S. companies are cutting back on spending and beginning to view AI token-usage costs as a cost center rather than a source of growth because the expenses are squeezing margins. As earnings season gets underway, investors are closely watching companies’ AI spending and whether the related investments will deliver expected returns. Last week, Meta said it planned to increase its commitment to AI and raise its capital expenditure plan. The statement unsettled the market, sending Meta shares lower and its credit-risk indicators to record highs.