Despite massive investments and widespread hype around artificial intelligence, the technology has delivered zero financial payoff to corporate America outside of tech.

Revenue per worker is rising for the Mag 7 but is flat for the S&P 493. Profit margins are rising for the Mag 7 but are flat for the S&P 493.

And there are still no signs of AI boosting productivity growth. With no impact on the bottom line, 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.