Overview
Debate over whether enterprise AI capex and token spend translate into revenue, margins, and productivity outside hyperscaler and Mag 7 beneficiaries.
Analysis
- 2026-10: Apollo’s Torsten Slok—S&P 493 shows flat revenue/worker and margins vs rising Mag 7; macro productivity data still flat (2026-10-26-apollo-slok-zero-payoff-daily-spark)
- Contrasts with ai-price-wars—cheaper models do not automatically yield ROI without process change