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  "slug": "ai-payoff-split-sp493",
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  "newsroom_title": "Finance & Investing",
  "angle": "Apollo says the AI payoff is missing outside tech, markets wobbled, and an accounting benchmark says open models are catching up.",
  "headline": "The AI Payoff Split: Flat Returns Outside Tech, a Market Wobble, and Open Models Gaining Ground",
  "dek": "Apollo argues the AI story will be decided in the S&P 493, where revenue per worker and margins are flat. An accounting benchmark offers a counterpoint: open models now rank near the top on professional work.",
  "published_at": "2026-10-25T12:30:51Z",
  "labels": {
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    "trust_text": "Confirmed · 3 sources",
    "newsroom": "Finance & Investing"
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  "publishers": [
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    {
      "text": "Revenue per worker and profit margins are rising for the Mag 7 but flat for the S&P 493, according to Apollo Global Management.",
      "self_reported": false,
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      "text": "Mainstream corporate America is pulling back on AI spending and increasingly views token spending as a cost center rather than a source of growth.",
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      "text": "On Thursday, the S&P 500 lost 1.2 percent and the Nasdaq composite fell 2.6 percent, while the US 10-year Treasury yield fell below 5 percent for the first time in roughly a month.",
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    {
      "text": "On DualEntry's Accounting AI Benchmark, Moonshot AI's Kimi K3.1 Pro debuted at number 4 with 86.1 percent accuracy, ahead of Claude Opus 5.5 at 82.2 percent and GPT-6 Astra at 81.2 percent.",
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    {
      "heading": "The flat 493",
      "paragraphs": [
        {
          "markdown": "Apollo Global Management's read on the AI economy is blunt: revenue per worker is rising for the Mag 7 but flat for the S&P 493, and profit margins follow the same split, rising for the Mag 7 and flat for the rest. Apollo's argument is that there are still no signs of AI boosting productivity growth, and there is no evidence so far that revenue growth or margins are improving outside the tech sector.",
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          "markdown": "The spending behavior matches the split. Mainstream corporate America is pulling back on AI spending, Apollo says, starting to view token spending not as a source of growth but as a cost center that weighs on margins, and mainstream companies do not need the latest model and are unwilling to pay for it. VC-backed companies, by contrast, are spending more and more on tokens, which keeps the headline AI spend figures strong while the buyer base narrows.",
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          "markdown": "Apollo's explanation reaches beyond price. AI does not understand accountability, trust, culture, unwritten rules, ethical trade-offs, or fairness, Apollo argues, and those are the factors that shape reputational risk and ultimately drive revenue growth and profit margins. As long as agentic AI and token spending are confined to a small part of the economy, the macroeconomic effects of AI will be very limited, and the AI story will be decided in the S&P 493, not the Mag 7.",
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    {
      "heading": "Markets flinch",
      "paragraphs": [
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          "markdown": "Equity markets gave the debate a live backdrop on Thursday. The S&P 500 lost 1.2 percent and the Nasdaq composite fell 2.6 percent, according to Emirates NBD research, while both the 2-year and 10-year US Treasury yields fell by just under 17 basis points, leaving the 10-year yield below 5 percent for the first time in roughly a month. The same session brought a different kind of policy move: the Central Bank of the Republic of Turkiye cut its policy rate by 100 basis points to 36 percent, its first reduction since January, as annual inflation eased to 29.7 percent in September.",
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          "markdown": "Other Thursday data points cut against a simple risk-off story. US jobless claims fell by 6,000 to 194,000 in the week ending October 17, below expectations and reaching a three-month low, and Brent crude rose 4 percent to settle at 113.17 dollars per barrel on Thursday as Wednesday's Houthi strikes on Saudi Arabia heightened concerns about energy supplies. The session is best read as a repricing in progress, not a verdict: equities down, yields down, and policy easing elsewhere all at once.",
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    {
      "heading": "The counter-evidence from accounting",
      "paragraphs": [
        {
          "markdown": "The counterpoint to the flat-493 argument comes from a narrower, professional test. On DualEntry's Accounting AI Benchmark, Moonshot AI's Kimi K3.1 Pro debuted at number 4 with 86.1 percent accuracy across accounting tasks, 1.9 percentage points higher than its predecessor Kimi K3 at 84.2 percent. Its strongest category was reconciliation at 92 percent, followed by reporting at 85 percent, while it scored 74 percent on hard tasks against 90 percent on easy tasks.",
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          "markdown": "The leaderboard around it is what makes the result interesting for buyers. Google's Gemini 4 Argon ranks first at 91.1 percent and Zhipu AI's GLM-5.3 Flash ranks second at 88.1 percent, while Kimi K3.1 Pro at 86.1 percent sits ahead of Claude Opus 5.5 at 82.2 percent, GPT-6 Astra at 81.2 percent, and Claude Sonnet 5.5 at 80.2 percent. The benchmark tests 101 synthetic accounting cases across eight areas, with each model evaluated three times using the same test company, tools, and instructions, so the comparison is controlled even though the cases are synthetic.",
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          "markdown": "Put together, the two stories describe different questions. Apollo asks whether AI is lifting the broad economy, and answers that it is not yet visible in the S&P 493. DualEntry asks whether a specific model can do a specific professional job, and answers that open models are now competitive on that job. Both can be true at once, and the gap between them is where the next investment debate will sit: capability in a benchmark is not the same as margin in a business.",
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  "unresolved": [
    "Whether S&P 493 margins and revenue per worker move in coming quarters",
    "Whether benchmark gains in accounting transfer to deployed finance workflows",
    "How mainstream buyers price models they view as cost centers"
  ],
  "decision_card": {
    "useful_for": [
      "Framing AI spend debates with mainstream buyers",
      "Separating benchmark capability from business payoff"
    ],
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      "Timing equity or rates positions",
      "Treating a synthetic benchmark as production proof"
    ],
    "compare_against": [
      "Apollo S&P 493 versus Mag 7 series",
      "DualEntry Accounting AI Benchmark leaderboard"
    ]
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