Apollo's AI Strategy Stalls Outside Tech

Apollo's AI strategy is stuck outside tech, even as big tech firms see rising revenue per worker. Marc Rowan says the company built a differentiated approach for this moment, but the payoff remains elusive. While the Mag 7's revenue per worker and profit margins climb, the S&P 493 stays flat, and AI hasn't lifted productivity. Mainstream corporate America now sees token spending as a cost center, not a growth engine. VC-backed firms keep buying tokens, but most large firms refuse to pay for the latest models. Because AI lacks judgment, accountability, culture, and ethical nuance, it struggles to drive real revenue. The real test is whether cheap intelligence can boost the S&P 493's growth, but the data says no yet. If the story stays in the S&P 493, the macroeconomic impact of AI will be minimal.