Ex-Wall Street Analyst: AI Outside Tech Sector Shows No Return, and...

Ex-Wall Street Analyst: AI Outside Tech Sector Shows No Return, and $573B in AI Debt Rests on Eight Names

Former Wall Street analyst Rod Dubitsky published a Substack analysis of Apollo and Ares research, showing flat revenue per employee and margins for the S&P 493 outside the tech sector, and the concentration of ~$573 billion in data center financing debt across eight companies whose venture risk is masked as investment-grade and sold to insurers.

Compiled by Sergey KostenchukPublished 2026-11-10Updated 2026-11-10

2026-11-10 Business OpenAI

💼 AI Returns Outside the Tech Sector Are Invisible, and $573B in AI Debt Rests on Eight Names

Former Wall Street analyst Rod Dubitsky published a Substack analysis of Apollo and Ares research on November 9, 2026: revenue per employee and margins for the S&P 493 outside the tech sector are flat, while they are rising for the "Mag 7."

🌍 Ares: Data center venture risk is masked as investment-grade debt—over 100 deals in a year boil down to eight names (Meta, Oracle, Microsoft, Amazon, Google, Nvidia, OpenAI, Anthropic) and ~$573 billion in debt; insurance covers only ~3% of the value. The irony: Apollo itself has increased its AI debt by ~$80B.

👤 Insurers and annuity holders bear the risk, and the divergence between CapEx and revenue outside the tech sector is a bubble indicator.

Source 1: https://roddubitsky.substack.com/p/ai-bubble-the-calls-are-coming-from Source 2: https://www.apollo.com/wealth/insights-news/insights/daily-spark/no-signs-of-ai-payoff-outside-the-tech-sector

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