An Apollo economist's analysis finds corporate AI spending has yet to move the needle for companies outside the tech sector, despite record capital outlays.
Apollo's chief economist says that despite massive investment and hype, AI has delivered 'zero financial payoff' to corporate America outside of tech companies themselves. The finding lands as boards continue approving large AI budgets on the assumption that productivity gains are already showing up in earnings.
The gap between spending and measurable ROI raises hard questions for CFOs who have greenlit AI line items based on vendor promises rather than internal data. It also complicates the narrative that AI adoption alone justifies current enterprise valuations.
Boards have been funding AI initiatives on faith; this data point gives skeptical CFOs leverage to demand proof of ROI before the next budget cycle. Expect procurement teams to start asking vendors for hard payback numbers, not roadmaps.
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