Apollo economist warns AI profit gains outside tech could take "well beyond" what Wall Street expects

Apollo chief economist Torsten Slok warns that AI-driven profit gains outside the tech sector may take far longer than Wall Street anticipates, delaying productivity boosts in healthcare, banking, energy, pharma, and manufacturing. Slok cautions that markets are pricing in rapid earnings growth, but real cash flows could lag significantly if productivity gains materialize over five years instead of months. He also notes that even measurable productivity improvements in knowledge work are difficult to track, limiting visible financial benefits.