Revenue per worker is climbing at the seven biggest tech companies and going nowhere at the other 493 members of the S&P 500. Torsten Slok, chief economist at Apollo Global Management, put that gap at the center of a note posted Saturday , and his read on it was blunt: “the technology has delivered zero financial payoff to corporate America outside of tech.”

Profit margins show the same split in his charts, rising for the so-called Mag 7 and flat for everyone else. A third chart, built on the San Francisco Fed’s utilization-adjusted productivity series, shows no sign yet of AI lifting productivity growth. The note lands days before Microsoft reports Wednesday , with Alphabet’s call that same afternoon and Amazon’s on Thursday . Bloomberg, which picked up the note Sunday , also ran an earnings preview that expects healthy growth from those three companies while warning that AI spending fears threaten to swamp the results.

Tokens keep getting cheaper

Slok’s argument turns on who is buying.…