Apollo: news, timeline and key numbers

Apollo Global Management drew attention in late October with a note from its chief economist, Torsten Slok, on artificial intelligence. On October 25, reports said Slok concluded that AI has produced zero financial payoff for large U.S. companies outside the technology sector. That finding challenges the idea that heavy spending and widespread enthusiasm for AI are already lifting results across the broader economy. Slok argued that the investment and hype have not delivered returns for American businesses beyond tech. He said mainstream companies are pulling back. In his account, they are beginning to treat spending on tokens, the units used to pay for AI model usage, as a cost center. He said that spending weighs on margins rather than driving growth.

On October 26, Reuters reported on a separate matter in the AI industry. Bank of America, Blackstone, Citi and Morgan Stanley are lining up $63 billion to finance Broadcom's AI chips and networking equipment and lease it to Anthropic. The structure spreads risk in an unusual way.

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