Start free trial

TRUE, BUTScope Swap

Flat on average, not zero for all

His charts show flat averages for 493 companies. Flat on average is not zero for everyone.

“Despite massive investment, AI has delivered zero financial payoff to corporate America outside of tech.”

Torsten Slok, Apollo chief economist, The Daily Spark (24 October 2026); trending on Hacker News, 24 October 2026

Recorded 25 October 2026. Our ruling means: literally true, materially misleading.

Read the story →

Receipts pack

The evidence file for this verdict

11 receipts: 6 support the claim, 1 contradict it, 4 add context. 3 figures on the record, 3 traced to a quoted receipt.

The receipts

Each source, the line we quote from it, its date and which way it cuts. Free to read and to cite.

  1. 1Supports the claimapollo.com ↗

    the technology has delivered zero financial payoff to corporate America outside of tech.

    Look up an archived copy ↗

  2. 2Supports the claimapollo.com ↗

    Revenue per worker is rising for the Mag 7 but is flat for the S&P 493, see the first chart below.

    Look up an archived copy ↗

  3. 3Supports the claimapollo.com ↗

    Profit margins are rising for the Mag 7 but are flat for the S&P 493, see the second chart below.

    Look up an archived copy ↗

  4. 4Contextapollo.com ↗

    Total Factor Productivity (TFP) is the utilization-adjusted series from the San Francisco Fed (Fernald, 2014)

    Look up an archived copy ↗

  5. 5Contextapollo.com ↗

    so far, there is no evidence that revenue growth or margins are improving outside the tech sector.

    Look up an archived copy ↗

  6. 6Supports the claimaccountsrecovery.net ↗

    utilization-adjusted total factor productivity grew just 0.07% over the four quarters ending in the first quarter of 2026.

    Look up an archived copy ↗

  7. 7Supports the claimaccountsrecovery.net ↗

    About 95% of AI-related productivity sentences referred to future gains

    Look up an archived copy ↗

  8. 8Supports the claimatlantafed.org ↗

    more than 80 percent of firms reporting no impact on either employment or productivity.

    Look up an archived copy ↗

  9. 9Contradicts the claimatlantafed.org ↗

    Labor productivity gains are positive, vary across sectors, and are expected to strengthen in 2026

    Look up an archived copy ↗

  10. 10Contextatlantafed.org ↗

    perceived productivity gains are larger than measured productivity gains, likely reflecting a delay in revenue realizations.

    Look up an archived copy ↗

  11. 11Contextatlantafed.org ↗

    We use novel data from a survey of nearly 750 corporate executives to study the effects of artificial intelligence (AI) on productivity

    Look up an archived copy ↗

Members' extras

What each receipt proves, and what would change our mind.

  • What each receipt above proves, in our words
  • The figures table, each number traced to the receipt that states it
  • The trick behind the claim, explained, with the guide to spotting it
  • What would change our verdict
  • Our call on the record, with its due date

The verdict, the opening and every receipt above stay free. Membership adds our analysis to the evidence file for every checked story.

See Membership →Already a member? Sign in →

First membership: 30 days free, then A$89 a year. One introductory trial per customer. Card required; renews annually until cancelled. Cancel before the trial ends to avoid the first charge.