One of the world's largest investment firms isn't bullish on AI. Michael M. Santiago/Getty Images

One of the world's largest investment firms says that only tech companies are getting a share of the AI pie .

In an economic analysis published on Saturday, Apollo Global Management said that while the Magnificent Seven — a group of established tech companies that includes Nvidia and Meta — are seeing revenue growth during the AI boom, this growth isn't being shared by other industries.

"Mainstream corporate America is pulling back and starting to view token spending not as a source of growth but as a cost center that weighs on margins," Torsten Slok, a partner and chief economist at Apollo, said in the report.…