AI lifts revenue per worker at the Mag 7 but not the S&P 493
Apollo's chief economist says revenue per worker and profit margins are rising for the Mag 7 but flat for the other 493 companies in the S&P, the group it calls the S&P 493. There are still no signs of AI lifting productivity growth. Apollo says mainstream companies are starting to treat token spending as a cost center that weighs on margins, and that the AI story will be decided in the S&P 493.