Private equity giant: AI payoff strictly limited to Big Tech

Apollo Global Management argues that AI’s financial gains are so far concentrated in Big Tech, while most other companies in the S&P 500 are seeing little or no revenue, margin, or productivity lift. For CIOs and technology leaders, the message is that AI should be managed as a disciplined investment portfolio—not a broad-based transformation bet—with stronger focus on measurable business outcomes, cost control, and use cases where the organization has the data, process maturity, and governance to capture value.