Apollo Chief Economist Torsten Slok warned that spending on AI tokens is slowing, compute demand is highly price-sensitive, and productivity gains remain limited. He said the marginal cost of producing compute exceeds its marginal benefit for users, casting doubt on the scale of expected data-center demand. Slok also claimed that 80% of the top 1% of AI spenders are backed by venture capital and that AI has delivered no financial payoff to U.S. companies outside the largest cloud operators. AI-related stocks fell as investors questioned whether the sector can sustain capital spending estimated at $800 billion this year and more than $1 trillion next year, with financing concerns also weighing on Meta and smaller providers such as CoreWeave.
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