Apollo's chief economist says AI has delivered "zero payoff" outside Big Tech
As seen on the 24/7 Wall St. homepage on October 25, 2026.
If the AI payoff stays confined to Big Tech, the non-tech companies funding those budgets are carrying the risk. Keep an eye on how enterprise names defend AI returns this earnings season.
JUST IN: Apollo's chief economist warns AI has delivered “zero payoff” to corporate America outside Big Tech, despite massive investments.
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Despite massive investments, AI has produced no measurable payoff for corporate America beyond the handful of large technology companies building and monetizing the infrastructure, Apollo's chief economist says.
Non-tech enterprises keep pouring capital into AI tools and integrations on the assumption that productivity gains are coming, so returns confined to Big Tech leave those budgets exposed.
Earnings season is the most direct test of that thesis. When non-tech management teams take questions on AI spending, listen for whether they can point to concrete efficiency gains or revenue lift, or whether the justification stays vague.
If the payoff gap persists across this round of results, pressure on enterprise AI budgets becomes a meaningful headwind for the broader technology spending cycle.