AI delivers ‘zero financial payoff’ to most companies, Apollo economist says
"Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech."
TL;DR
- AI has not provided any financial benefits to big corporations outside the tech industry.
- Analysis of the S&P 493 shows no improvement in profit margins or revenue per worker due to AI.
- AI is described as a calculator, but business success relies more on judgment, which AI lacks.
- AI does not understand critical business elements like accountability, trust, culture, and ethical trade-offs.
- Recent studies also indicate that AI has not yet led to significant productivity gains.