AI Benefits Concentrated Among Tech Giants, Small Cap Productivity Declines

06/09 23:55

On June 10, independent macro research and analysis firm Kobeissi Letter released an analysis stating that the average revenue per employee for the "Magnificent 7" tech giants in the U.S. has risen to approximately $270,000, reaching a new high not seen in at least three and a half years. Since the beginning of 2023, this metric has increased by about $45,000, a rise of about 20%. In contrast, the average revenue per employee for Russell 2000 small-cap companies has decreased by approximately $20,500, a decline of about 14%, falling to around $122,000, marking a new low in at least three and a half years. The remaining 493 companies in the S&P 500 have an average revenue per employee of about $195,000. Data shows that the revenue generated by employees of the Magnificent 7 has surpassed that of Russell 2000 employees by more than double and is approximately 38% higher than the average level of the remaining S&P 500 companies. This trend reflects that large tech companies are continuously enhancing productivity through layoffs and revenue growth, while small and medium-sized enterprises have yet to significantly benefit from the efficiency improvements brought by AI, leading to a further concentration of market productivity growth among leading firms.

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