Apollo’s Torsten Slok says AI is paying off for Big Tech, not the rest of the S&P 500

Apollo chief economist Torsten Slok said AI-driven gains are concentrated in Big Tech rather than the broader S&P 500, pointing to a widening gap in productivity and profitability across the index. The assessment underscores how the returns from AI investment are accruing to a handful of large technology firms while the rest of the market lags. The disparity matters because it reinforces earnings concentration risk in a benchmark that investors treat as a proxy for broad U.S. equity health. What to watch next is whether AI spending translates into measurable productivity gains outside Big Tech, which would determine if the payoff broadens beyond the largest names.