AI, three at a time · read · watch · listen

Entity

Organizational absorption capacity

2 reads

Apollo Global Management — The Daily Spark 2026-10-25-1

No Signs of AI Payoff Outside the Tech Sector

Real revenue per worker and profit margins are rising for the Mag 7 and flat for the S&P 493, and the San Francisco Fed's utilization-adjusted TFP shows no AI lift. Because the Mag 7 build and sell the technology, their results can't test whether buyers gain; the 493 can, and Slok's 'great calculator' framing explains why judgment doesn't get cheaper with tokens. The only series still climbing is token spend at VC-backed companies.

In Good Company with Nicolai Tangen 2026-10-21-2

Eric Schmidt: The Age of Agents, Superintelligence, and Why Europe Is Falling Behind

Schmidt says the gains are real but concentrated in software, cyber and math, where learning loops are fast, and biology lags on data. The effect he is most confident about is organizational: a friend's firm cut 20% of staff, the 'glue' planners, and an estimated 2,000 of 10,000 people at a large firm are unneeded. Read against deBoer's cancer example, displacement arrives first where the work is coordination, not where the problem is physical.