According to Apollo Global Management chief economist Torsten Slok, the productivity gains linked to artificial intelligence remain concentrated among the seven largest companies in the S&P 500. Their inflation-adjusted revenue per worker rose from about $565,000 in early 2023 to $780,000, while the figure for the other 493 companies remains near $525,000, a level unchanged since 2019. Profit margins reach nearly 30% for the seven leaders, compared with about 10% for the rest of the index. The top 10% of companies account for 99.5% of model-serving and inference spending and more than 95% of expenditure on OpenAI and Anthropic services. Slok concludes that the AI market remains highly concentrated and that any improvement in revenue per worker among the S&P 493 would signal broader adoption of the technology.
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