AI delivers ‘zero financial payoff’ to most companies, Apollo economist says

An economist at Apollo has argued that despite enormous spending and pervasive enthusiasm for artificial intelligence, the technology has produced no measurable financial return for most companies outside the technology sector. The claim draws attention to the gap between AI hype and actual bottom-line impact.

The observation resonates with a growing body of commentary questioning whether enterprise AI investments are translating into productivity gains or revenue growth. Many organizations have adopted AI tools and models, but the economist's framing suggests that, at least for now, the payoff remains concentrated among tech firms rather than spreading broadly across the economy.

If the claim holds, it could temper expectations for AI-driven earnings growth in non-tech industries and prompt companies to reassess their AI spending priorities. It also underscores the challenge of converting AI capability into tangible business outcomes, a problem that remains central to the industry's near-term narrative.

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