Most Firms See No AI Payoff

A growing body of evidence suggests that outside the largest tech firms, AI investments (including spend on large models and tokens) have not yet translated into higher revenue growth or improved profit margins for mainstream corporations. Economists measuring the S&P 493 report flat productivity and margins, implying AI’s macroeconomic benefits are currently concentrated, not ubiquitous. — If AI’s financial gains remain concentrated, policymakers and investors should recalibrate expectations about employment, productivity forecasts, industrial policy and where to target public‑support for technological diffusion.