Apollo Global Management 首席经济学家 Torsten Slok 在 2026 年 10 月 25 日表示，AI 技术对科技行业以外的美国企业财务回报为零。他的分析针对标准普尔 493 指数（S&P 493，即 S&P 500 指数剔除七大科技公司后的成分股），这些公司的利润率和人均收入保持平稳，没有证据表明 AI 提升了生产率。
Apollo Global Management 曾拥有 TechCrunch。
企业难以将 AI 能力转化为收入和利润
Slok 认为，企业难以将日益廉价的智能转化为更高的收入增长和利润率。他指出，AI 可能是优秀的计算器，但在商业中，智能主要是判断力。AI 不理解问责制、信任、文化、潜规则、道德权衡或公平性，而这些因素在实际商业决策中至关重要。
与其他研究的一致性
近期其他研究也发现 AI 尚未带来显著的生产力提升，Slok 的观察与这些发现一致。
目前尚无其他机构或企业对 Slok 的分析做出公开回应。
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The Chief Economist of Apollo Global Management, Torsten Slok, stated on October 25, 2026 that AI had zero financial returns for American enterprises outside the technology industry. His analysis was directed at the Standard & Poor ' s 493 Index (S&P 493, i.e. the S&P 500 index, after removing the component shares of the seven leading technology companies), whose profitability and per capita income remained stable and there was no evidence that AI had increased productivity.
Apollo Global Management owned TechCrunch.
It is difficult for enterprises to translate AI capabilities into income and profits
Slok argued that it was difficult for enterprises to translate increasingly cheap intelligence into higher income growth and profitability. He noted that AI may be a good calculator, but in business intelligence is primarily judgement. AI does not understand accountability, trust, culture, sub-rules, moral weighting or fairness, which are essential in actual business decision-making.
Coherence with other studies
Other recent studies have found that AI has not produced significant productivity gains, and Slok's observations are consistent with these findings.
There is no public response from other agencies or enterprises to Slok analysis.
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