• Only tech companies are seeing growth from the AI boom, Apollo Global Management says.
• Apollo says that though some big companies are spending big on AI, they may soon pull back.
• Corporate America is starting to see AI spending not as a source of growth, but as a cost center.

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. "The technology has delivered zero financial payoff to corporate America outside of tech."

In a series of graphs, Slok measured three main metrics that have boomed for tech companies but not for regular companies: revenue per worker, profit margins, and productivity growth.

Since 2022, revenue per employee figures have skyrocketed for tech companies — rising from $550,000 to nearly $800,000 today. Meanwhile, that figure hasn't changed much for everyone else in the S&P 500, lingering around $550,000 for the last seven years.

Similarly, while profit margins soared among tech companies since 2022, they've stagnated at about 10% for everyone else.

And across the economy, AI hasn't yet dramatically increased productivity growth as some AI optimists have predicted.

Apollo's research portends a dark shadow over a US economy throwing massive amounts of dough toward AI tools and companies, whose leaders have promised that an "age of abundance," where people won't have to work as much, will soon be upon us.

"The question looking ahead is whether, even as models become commoditized, mainstream corporate America can turn increasingly cheap intelligence into higher revenue growth and higher profit margins," Slok said.

"That may be harder than it sounds," he added.

• Compass Pathways wants to use psilocybin to help people with treatment-resistant depression.
• Its psilocybin pill, COMP360, could finally be coming to market as soon as next year.
• For its CEO, Kabir Nath, it's been a long, strange trip to get to this point.

In 2022, Kabir Nath had a cushy executive job at a pharmaceutical firm that developed anti-psychotic medication.

Then he got a call from a scrappy upstart with a patent on a synthetic version of psilocybin — the active ingredient in magic mushrooms. It hoped to use the compound to help those with treatment-resistant depression.

They wanted him to join as CEO. Nath, whose father died by suicide, bit on their second pitch.

"A number of people have said to me in the last couple of years: 'You do realize what a risk that was,'" Nath told Business Insider about eventually jumping ship for what was, and still is, a drug company without FDA approval for its product.

"I was probably the first really senior executive from traditional pharma to make the move to psychedelics," he added. "But, you know, it was the right thing to do."

Nath's personal risk is now magnified as Compass Pathways finishes filing its final forms ahead of what could be FDA approval as soon as next year, and then a public rollout of its psilocybin pill, called COMP360.

Compass has recently added 150 new hires to its payroll, expanded its marketing division, and moved into new office space in Jersey City in the hope it all works out. "The company is growing rapidly," Nath said.

Though a subsidiary of Johnson and Johnson attained FDA approval with a version of ketamine for depression patients in 2019, it is by no means guaranteed that Compass, leveraging a more traditional psychedelic, will get the same approval.

Should the FDA deny Compass' bid, investors would rush to dump their shares, likely sending the company into bankruptcy. The Jersey City office, which just received a new lime green paint job, would be untenable.

If you ask Nath, it would also be bad news for 4 million patients with depression in the US, for whom more traditional antidepressants like SSRIs don't work.

"These are people who have been suffering from depression, and nothing's really working," he said.

Like other drug companies — especially those with a single product — Compass' stock has "been on quite the adventure," Nath said, as the company progressed through various human trials.

When markets closed on Friday, the share price hovered around $11, up $5 from last year. In 2020, when the company went public, shares went for $17.

From Haight Ashbury to Wall Street

Psilocybin's journey to the forefront of medical research didn't begin with Compass, and it hasn't exactly gone in a straight line.

Few did more to publicize the drug than Timothy Leary, the Harvard professor turned acid dropout. In a speech at Harvard's Cambridge campus in 1962, he told students that taking psilocybin allows people to experience an "internal rebirth," according to the Harvard Crimson.

In time, Leary would be fired from Harvard as he, along with a measurable portion of the US population, began to experiment more heavily with psychedelic drugs. Come 1966, the Grateful Dead were spiking their Kool-Aid with acid, and a definitive subculture of long-haired, psychedelic-taking hippies had emerged.

Meanwhile, researchers were experimenting too. Studies involving LSD and psilocybin flourished during the 1960s before hitting a brick wall in 1970, when psilocybin was classified as a Schedule I substance, rendering possession illegal, even for research purposes.

Work on the drug languished for years, until 2000, when the FDA gave scientists at Johns Hopkins University permission to conduct research on psilocybin.

And more recently, psychedelics have become trendy with the tech crowd.

From Burning Man to luxury retreats, experimenting with psychedelics is now common among tech founders and executives like Elon Musk and Sam Altman, who credit the drugs with quieting their nerves, boosting productivity, and allowing them to better harness their creativity.

Research, too, has flourished.

"There was actually a biotech boom from 2018 through to about 2022," Nath said. "In that boom, literally hundreds of psychedelic companies went public."

In 2018, Compass' proprietary psilocybin formulation received breakthrough therapy designation from the FDA. A few years later, it started testing the drug on people.

Nath was an executive in 2018 at Japanese pharmaceutical giant Otsuka, where he said he assembled a team to investigate whether psychedelics could become viable medicines after reading Michael Pollan's book "How to Change Your Mind," which explores the history and therapeutic potential of psychedelics.

COMP360

Compass isn't selling an experience analogous to a spiritual awakening at Burning Man, though.

The drug-taking process for a patient enrolled in one of Compass' trials is a bit different. First, a patient has to have treatment-resistant depression, which is clinically defined as depression that two or more standard drugs have failed to treat.

Then, a clinician explains the details of the process that is about to unfold. After that, they're given the psilocybin in pill form.

"It's a quiet room with a couch," Nath said. "They're offered a blindfold, which most patients do actually wear."

As the patient begins to trip, a playlist of music, including classical and new age, plays softly in the background. The clinician, who Nath said could be a nurse, doctor, or therapist, sits silently in the room if the patient wants to talk, and for safety reasons.

Most of the time, though, there isn't any talking.

"This is not psychotherapy," Nath said. "We are not directing the patient's experience."

Six hours later, after some crying, laughing, and everything in between, the patient goes home.

In Compass's most recent trial, results for which were published in September, just under half of participants who took the drug experienced at least a 50% reduction in depressive symptoms within six weeks of treatment.

Next steps

After a decade of slogging through tests, first on animals and then on humans, Compass has completed all the necessary prerequisites and is busily working to get its last papers in order.

In a statement provided to Business Insider, an FDA spokesperson was noncommittal, though.

"The FDA evaluates experimental medications, including psychedelic drugs like psilocybin, through a rigorous, evidence-based process designed to ensure that any approved treatment is safe and effective for the indicated use," the spokesperson said.

Compass isn't the only psychedelic drug company wading through the lengthy process of trialing a drug.

AtaiBeckley, another psychedelic drug company trading on the Nasdaq whose product is not yet approved by the FDA, is developing a version of DMT administered via nasal spray. It received breakthrough status in 2025, years behind Compass.

For Compass, though, it could face the music as soon as the first half of next year, when it expects the FDA to render its decision. The company is already getting ready.

In addition to adding 150 new hires, Nath said the company is preparing its sales force to go online and is in frequent communication with doctors and healthcare providers about operating in clinics where therapists can administer the drug to patients.

"This has the potential to be radically different, and again, the rapidity is something that they're very excited about, and the durability," Nath said, referring to psychiatrists.

A drone attack damaged an industrial facility in Russia’s Perm Krai early on 25 October, injuring five workers, Ukrainian monitoring channel Exilenova+ reported. Exilenova+ identified the target as the AVISMA chemical and metallurgical plant in Berezniki, around 1,500 km from Ukraine’s border. 

The reported strike highlights Ukraine’s ability to reach industrial facilities deep inside Russia that support its military-industrial complex. 

AVISMA produces titanium materials used in aviation and aerospace manufacturing, including military aircraft, aircraft engines, missiles, and space technology, according to Exilenova+.

Regional governor Dmitry Makhonin said the industrial facility sustained damage but continued operating normally. He said five workers were injured in the attack.

A target deep inside Russia

Perm Krai lies in Russia’s Ural region, roughly 1,500 km from Ukraine’s border. The distance places the reported strike far beyond Russia’s border regions, where Ukrainian drone attacks have frequently targeted military and industrial infrastructure.

The reported attack follows a broader Ukrainian campaign against Russian industrial and energy facilities linked to the country’s war effort. 

Russia’s Defense Ministry claimed that air defenses intercepted and destroyed 532 Ukrainian drones overnight across 23 Russian regions and over the Sea of Azov, according to Russian state news agency TASS. 

The reported interceptions included drones over Perm Krai, as well as regions around Moscow and areas in southern and western Russia. The figures have not been independently verified.

The extent of damage at AVISMA and any impact on its operations have not been independently established.

Domenica 25 ottobre alle 20.30 su Rai 3, nuovo appuntamento con PresaDiretta. Il programma di Riccardo Iacona affronta il tema del rapporto tra Ai e democrazia; mentre PresaDiretta Open è dedicata al conflitto in Medioriente.

Palantir, il colosso fondato da Peter Thiel, è diventato il cervello tecnologico di Pentagono ed eserciti, mentre bot farm e macchine per la propaganda create con l’utilizzo dell’Intelligenza artificiale ci profilano e orientano il nostro voto, le telecamere ci osservano e gli archivi di oggi addestreranno le intelligenze artificiali di domani. Chi governa gli algoritmi, potrebbe governare anche noi? E poi un importante reportage da Gaza, tra annunci di ricostruzione, cantieri mai partiti e violenze mai cessate: che fine hanno fatto soldi e promesse?

PresaDiretta Open, nella prima parte della serata, si chiede che fine abbia fatto il Board of Peace, il Consiglio internazionale presieduto da Trump per guidare la ricostruzione di Gaza. Grazie alle immagini girate da Yasser, filmaker palestinese, PresaDiretta racconta una Striscia dove il 94% della popolazione è sfollato, dove l’Onu ha contato 1400 palestinesi uccisi dal cessate il fuoco a oggi e dove l’esercito israeliano controlla e occupa il 64% del territorio. La ricostruzione non è mai partita: il piano operativo del Board vale 2,45 miliardi, contro i 71 che servirebbero secondo l’ONU.

E poi la puntata Democrazia Artificiale. A Roma, a porte chiuse, Peter Thiel parla dell’Anticristo; intanto la sua creatura Palantir, azienda specializzata nello sviluppo di software e analisi di big data con la AI è diventata uno dei cervelli tecnologici del Pentagono e degli eserciti in guerra. PresaDiretta ricostruisce come i suoi software siano entrati nelle istituzioni di vari Paesi anche in Europa: nella sanità inglese e anche nei contratti della Difesa italiana, tra documenti che mancano o che non ci è permesso di leggere.

Queste stesse tecnologie non solo ci sorvegliano, ma soprattutto lavorano per influenzare il consenso politico. In Sassonia-Anhalt l’AfD ha appena stravinto le regionali soprattutto sui social, con una macchina della propaganda potentissima che funziona grazie alla AI. “Alternita”, il software di AI – scoperto dal gruppo di giornalismo investigativo Correctiv – sceglie le notizie più virali, scrive i post, genera immagini e gonfia le visualizzazioni e il consenso con migliaia di profili falsi. E le stesse tecniche sono già arrivate in Italia, dove su TikTok la galassia di Vannacci conquista i giovanissimi con meme e video creati con l’AI. Insieme a AI Forensics e Trollrensics, PresaDiretta ha ricostruito le origini di migliaia di account sospetti registrati in Benin e Nigeria.

Infine la crescente diffusione degli strumenti per la sorveglianza di massa: dagli Stati Uniti all’Italia, come vengono trattati i nostri dati biometrici, quelli sanitari, le informazioni finanziarie e in generale tutte le informazioni personali gestiti con l’Intelligenza Artificiale? Come li utilizzeranno le forze dell’ordine, per farne cosa e per quanto tempo?

Riflettori puntati, a chiusura di puntata, sulla truffa con cellule staminali portata avanti, anche con infusioni a domicilio, dalla società polacca BioCells Medical. Dopo l’inchiesta della scorsa edizione, PresaDiretta racconta i nuovi sviluppi sulle indagini giudiziarie, nazionali e internazionali. Le puntate di PresaDiretta sono visibili integralmente su RaiPlay.

L'articolo A PresaDiretta l’inchiesta sulla galassia di Vannacci su TikTok: “Migliaia di account sospetti registrati in Benin e Nigeria” proviene da Il Fatto Quotidiano.

• You don't need to live by a data center to hear the noise they emit.
• There's a plushie that emits the hum of a real-life data center in Virginia when it's hugged.
• The doll is part of a satirical art project called "Adopt a Data Center."

Plushies are getting weirder every day.

Bezzy is a gray handmade plushie with round eyes, a disarming smile, and a server-rack abdomen that plays the grating, mind-numbing hum of a data center when you squeeze it.

The sound is actually a recording made outside a real-life data center in Virginia.

"We actually got quite a few different recordings. It's a weird process to have to go through," Rajeev Basu, the artist behind the toy, told Business Insider. "I had to sit there listening to various screeching sounds on my computer, and we picked the one that would be most well-suited for the toy."

"It's terrifying. I wouldn't wish it upon anyone," he added.

Basu is the founder of New York-based creative studio, Basura. The studio worked alongside Big Data, a musical project by Alan Wilkis, to create a satirical art project called "Adopt a Data Center." The project highlights the realities of living near one.

"We're both inspired by this relationship between humans and machines," Basu said.

After OpenAI launched ChatGPT in 2022, major players and new startups in the tech industry entered a global race to develop advanced AI systems. Companies like Microsoft, Meta, Google, and Anthropic need massive new data centers to power their ambitious products.

As they began to sprout all over the country, Americans living near them began to bristle.

Critics say the benefits — like the potential for economic growth and new jobs — don't outweigh the risks. They worry data centers can worsen the environment, strain electrical grids, deplete water resources, and disrupt daily life. It's led to nationwide protests against them and to some towns and cities banning them altogether.

Americans living near data centers have also complained that the facilities can emit a constant hum akin to a loud drone or an airplane engine. Basu said data centers have become a regular topic in the news, but reading reports about the facilities is much different from having one in your backyard.

"You might not have a data center in your backyard right now, but with what some of these maps show with proposed plans, one could be in your backyard sooner than you think," Basu said.

Basura interviewed dozens of people across the US who live near data centers for the project, which took about six months to complete.

"Although our project is satirical, we wanted to make sure that everything was rooted in true research," Basu said.

In addition to the Bezzy dolls, the artists made stickers featuring phrases such as "Open your heart and your power grid" and "Please adopt me, I love GPU." A series of bumper stickers features tongue-in-cheek messages such as "Honk if you love computational infrastructure."

Basu said they wanted "Adopt a Data Center" to have an educational aspect, so the campaign's website has hyperlinks to research and reporting about AI and data centers.

"With a lot of my work over the years, it often uses human irreverence as a hook to invite people who might not necessarily be paying attention or have given it a second look to try and learn a bit more," Basu said.

Launched in September, the 20 limited-edition Bezzy dolls are already sold out.

Although the toy industry has struggled in recent years, millennials and zoomers have been softening the blow by driving up plushie sales. Market research company Circana said that people 18 and older accounted for over $1.5 billion in toy sales during the last three months of 2024.

"It's something that is so timely," Basu said. "It's quite a heavy and serious subject, so we're trying to find a way to help more folks learn about it."

This as-told-to essay is based on a conversation with Jeff Kinney, the 55-year-old author of the "Diary of a Wimpy Kid" series, who lives in Plainville, Massachusetts. It has been edited for length and clarity.

When I wrote "Diary of a Wimpy Kid," I worked on it for eight or nine years without thinking I was writing a book for kids.

I thought I was writing a book for grown-ups that would feel like "The Wonder Years" or "A Christmas Story" — looking back on childhood through the lens of an adult.

The first thing that surprised me was that my publisher said I'd actually written a children's series; it caused a lot of cognitive dissonance.

But what also surprised me was that kids understood the irony in the books. They understand that Greg is an unreliable narrator; they seem to get the joke.

After writing the series, and after raising two kids of my own — ages 21 and 23 — I've learned a few things about kids. Here's my best advice about getting kids to read, screen time, and more — plus a few things I'd go back and change if I could.

1. To get kids to read, feed their interests

I recently heard author Jack Gantos say that after dinner, he and his family would get out their books and read. I think that's really cool and also very old-fashioned, in a way. I wish we'd done it when raising our kids.

With reading, I think the most important thing you can do is feed your kids' interests, whether they're interested in Pokémon cards or sharks or tornadoes. Get them books or magazines that speak to their interests, rather than trying to give them books that we read as kids or books that are too high-minded for their age level.

A lot of authors who write for kids start with some sort of a lesson, and there's a time and place for that. But kids read for the same reason that adults read: to be entertained. If we start from a position of trying to teach kids a lesson, they'll sniff that out and turn away from it.

It's really important to encourage kids down a path that gets them reaching for the next book. I want them to feel a feeling of success in having finished a book because that's an important act of completion. But mostly, I'd like them to keep reading, whatever form that might take.

2. Listen to them

In everyday parenting, sitting at dinner with our kids and hearing about their day without judgment is a really good foundation. Just about everything that kids today are going through, we've been through in some form. The most powerful thing that we can say to kids is "I understand," or "I've been there myself," and share stories, making sure that they feel seen and heard.

As parents, we should make ourselves vulnerable to our kids by telling them about the struggles that we went through.

If we do that without moralizing and without judgment, I think it draws us closer to our kids and turns us into a resource for them.

3. Envision your future relationship

I've always thought about my relationship with my kids by imagining, How do I want our relationship to look when my kids are adults? I've tried to anticipate that and treat my kids that way the whole time.

I think it's working out because my kids will call me and want to go see the Patriots or the Celtics with me. I think that's partially because I've always had this version of our relationship in mind.

4. Don't get too wrapped up in kids' sports

As parents, we live and die by our kids' successes in sports. I certainly got too caught up in it and couldn't really anticipate that there would be a life beyond sports for my kids.

If I were to go back in time, I probably would change my approach on that. We like to see our kids succeed, and of course, sports is a big stage where there's a lot wrapped up in their success, including social issues and self-esteem.

When our kids are thriving, we feel really good for them, and when they're failing, it's tough for them and us. I can understand why that happens with parents, but I can also see that it's good to take a step back.

5. Help them understand that social media manipulates

Social media bullying is something that we never had to face growing up, and it's really unfortunate and damaging.

Screen time has changed things — you see studies finding that kids are dating a lot less, and there's a loneliness epidemic.

As parents, we can help kids by educating them and helping them understand that social media companies are incentivized to make you spend more time on your screens. The more that my kids, who grew up immersed in the social media world, began to understand that, the more they wanted to move away from it.

They get out there in the world — touch grass, play sports, and pick up basketball. My son will put lockouts on his social media.

It's important for us to think for ourselves before we turn to AI

As AI becomes a part of schoolwork and daily life, my concern is that AI makes a lot of things very easy.

At times, I look for solutions through AI that I could conjure up myself, so I worry about how that rewires the brain when you feel like there's always an agent that can solve your problem for you. It could reduce your own capacity for problem-solving.

It's really important for kids to be able to think for themselves before turning to the tool.

To counteract that, getting out in the world and interacting with one another is really important. Put kids into social situations; for example, my son has been working as a bookseller this past year, where he's had to interact with lots of different types of people and solve problems.

A lot of kids or young people in this generation are more isolated. They spend a lot more time in their rooms on their phones, and so I think that getting them out there interacting with other human beings is going to give them a competitive advantage.

• Bill Gates says AI will bring about an age of abundance in 20 years, but it'll be a rocky road.
• He predicted robots will displace human workers and "build houses, grow food, do surgery."
• Some jobs might be reserved for people, and work limits could preserve employment, Gates said.

Bill Gates says AI will create "true abundance," but the next two decades before it arrives will be "as tumultuous a period as there's been in human history."

"My big concern is this 20-year transition period, where they'll have winners and losers and a lot of disruption," the Microsoft cofounder and billionaire philanthropist said on the latest episode of the "Decoder" podcast.

Gates echoed widespread concerns about white-collar jobs, saying that telesales, telesupport, and accounting will disappear as AI will be able to do those "radically cheaper, radically faster, and even more accurately." As for blue-collar jobs, humanoid robots will take over those, he said.

"If we don't choose to massively slow down or stop, then we will have robots that can build houses, grow food, do surgery," Gates said. "And none of the things that human labor provides to the economy will be necessary for most goods and services."

He also underscored how jarring it will be for someone like him, whose vast resources have allowed him to lead the charge toward eliminating malaria and tackling other humanitarian crises.

"And when the AI says to me, 'No, I'm better than you, you go play pickleball and I'll get back to you, I'm gonna take care of this' — I mean, it's kind of humorous, but it's not humorous," he said.

Gates shared his long-held view that work is vital to giving people a sense of purpose, a way to earn an income, a reason to show up every day, an avenue to build relationships with colleagues, and a path to build things and solve problems.

He suggested that certain activities such as art, sports, cooking, and childcare could one day be reserved for humans, "even though the AI could do those things better."

Gates also highlighted that measures such as early retirement and caps on working hours could help maintain some level of human employment.

He envisioned some people saying, "Let's be like the Amish and let's only use AI for certain things," so they won't have to give up "helping each other or coming up with unique ideas."

Amazon founder Jeff Bezos and JPMorgan CEO Jamie Dimon have both proposed a shorter workweek as a less painful alternative to AI-driven unemployment.

Gates is one of several tech leaders to warn of job disruption on the road to an age of abundance.

Elon Musk has predicted a "bumpy" transition and proposed government checks for all as the best solution to AI-driven job losses. He's said that technology will drive production costs so low that everyone can have "whatever stuff they want," work will become "optional," and it's not worth saving for retirement in 10 or 20 years as money won't matter.

Similarly, Anthropic's Dario Amodei has said that AI promises to "raise the quality of life for everyone," but the "short-term shock will be unprecedented in size."

However, OpenAI's Sam Altman said in May that AI hasn't eliminated as many white-collar jobs as he expected, and he no longer anticipates a "jobs apocalypse."

Despite widespread worry about AI taking corporate jobs, and high-profile layoffs at major companies such as Amazon and Meta, national unemployment hasn't increased materially during the AI boom.

Writers say Patrick White Publishing pushed them to delete bad reviews and delivered AI-generated artwork despite charging hundreds of dollars.