投资公司阿波罗全球管理表示，除科技行业外，人工智能尚未为美国企业带来任何财务回报。这家全球资产管理公司在其“Daily Spark”博客的一篇文章中提出了这一观点，该博客主要发布有关美国经济和资本市场的分析。文章称，美国企业界开始将token支出视为一种拖累公司利润率的成本，而非增长来源。阿波罗首席经济学家托尔斯滕·斯洛克表示，对于所谓的“七巨头”科技公司——包括超大规模云服务商以及苹果、英伟达和特斯拉——人均收入可能正在上升，但标普500指数中的其他企业并非如此。
AI has yet to deliver any financial payoff to US businesses outside of the tech sector, according to investment biz Apollo Global Management. The global asset firm made the claim in a posting to its Daily Spark blog that features analysis on the US economy and capital markets. It says corporate America is starting to view token spending not as a source of growth, but rather as a cost center that weighs on company margins. Apollo’s chief economist Torsten Slok says that revenue per worker may be rising for the so-called "Magnificent Seven" tech firms, which includes the hyperscalers plus Apple, Nvidia and Tesla, but this isn't the case for the rest of the S&P 500 businesses.
他补充说，利润率和人工智能推动企业生产率增长的情况也是如此，并发布了图表来支持这些说法。阿波罗的论断遭到了一些人的反驳，他们在社交媒体上评论说，他们并不认同斯洛克描绘的图景。其他人则表示，PC行业也曾出现类似效应，当时生产率增长落后于计算机在商业中的广泛采用达十年或更长时间。然而，这家投资公司的观察与《The Register》在过去一两年中分析的多份报告相吻合，例如今年早些时候普华永道的一份报告发现，大多数首席执行官尽管在人工智能技术上投入巨资，却既没有实现收入增长，也没有实现成本下降。
The same goes for profit margins, and for AI boosting corporate productivity growth, he adds, posting charts to back up these claims. Apollo's assertion has met with pushback from some, who commented on social media that they did not recognize the picture painted by Slok. Others said a similar effect was noted in the PC industry, when productivity growth lagged the widespread adoption of computers in business by a decade or more. However the investment firm’s observations chime with various reports The has analyzed over the past year or two, such as one earlier this year from PwC that found the majority of chief executives had enjoyed neither increased revenue nor decreased costs from AI, despite investing heavily in the technology.
专业服务公司德勤的研究也表明，采用人工智能工具并未帮助大多数公司的盈利，而另一份报告发现，在多年投资却回报甚微或毫无回报之后，人工智能如今正面临企业问责，项目将不得不证明自身价值，否则就会被砍掉。
Research from professional services firm Deloitte also showed that adopting AI tools has not helped the bottom line for most companies, while a separate report found AI is now facing corporate accountability after several years of investment with little or no return, and projects will have to prove their worth or be axed.
麦肯锡认为，企业界如今正处在一个转折点，即将走上让企业在试点和早期AI部署中投入的所有努力获得回报的道路——尽管它承认，声称AI举措实际带来盈利提升的企业数量一直持平。斯洛克质疑，尽管出现了更便宜或开源的模型，主流企业究竟能否将AI项目转化为更高的收入增长和更高的利润率。他说，在商业中，智慧主要是判断力，因此取决于具体情境。
McKinsey reckons the corporate world is now at a turning point and on the road to seeing a return for all the effort that organizations have put into pilots and early AI deployments – although it concedes the number of businesses reporting an actual earnings boost from their AI initiatives has remained flat. Slok questions whether mainstream corporations will ever be able to turn AI projects into higher revenue growth and higher profit margins, despite the appearance of cheaper or open-sourced models. In business, intelligence is mostly judgment, he says, and therefore depends on context.
他指出，AI并不真正理解任何事物，尤其是问责、信任、文化、不成文规则、伦理权衡或公平，而所有这些都塑造着公司的声誉风险，并最终驱动收入增长和利润率。阿波罗还指出，token支出增长放缓，并声称这表明此类支出对价格高度敏感，即使成本仅温和上涨，需求也会消失或转向廉价的开源替代方案。这令人质疑：如果由此产生的算力只可能带来微薄利润，那么投入数十亿美元建设越来越多的数据中心在经济上是否划算。
He notes that AI does not really understand anything, but especially accountability, trust, culture, unwritten rules, ethical trade-offs or fairness, all of which shape companies' reputational risk and ultimately drive revenue growth and profit margins. Apollo also notes a slowdown in token spending growth, claiming this shows the spending is highly price-sensitive and demand falls away or switches to cheap open source alternatives in response to even modest increases in cost. This casts doubt over the economics of pouring billions into constructing ever more datacenters if the resulting compute is only likely to turn a marginal profit.
这家投资公司此前曾向英特尔注资110亿美元，以换取这家芯片制造商位于爱尔兰莱克斯利普的Fab 34制造工厂49%的股份。今年早些时候，在这家芯片制造商重新站稳财务脚跟后，英特尔以142亿美元回购了阿波罗的股份。®
The investment biz previously handed $11 billion to Intel in exchange for a 49 percent stake in the chipmaker’s Fab 34 manufacturing plant at Leixlip in Ireland. Intel repurchased Apollo’s stake earlier this year for $14.2 billion after the chipmaker had put itself back on firmer financial ground. ®