Apollo says AI has delivered zero financial payoff outside tech

Torsten Sløk, Chief Economist at Apollo Global Management, opened a note over the weekend with the line that despite massive investments and widespread hype, AI has delivered zero financial payoff to corporate America outside of tech. His data shows revenue per worker rising in tech and flat for the rest of the economy, with no sign of margin expansion outside it. Jake Conley, Julie Hyman and Pras Subramanian work through what that means for the companies paying the bills, including a friend of Pras's who keeps getting hired to fix software that was vibe-coded and broke. Plus a poll in which 5