Marc Rowan on how Apollo’s differentiated strategy was built for this moment.
Explore our investment strategies, solutions, and products designed to support diverse financial goals.
Tools and training for advisors, offering portfolio guidance, and on-demand educational resources.
Discover Apollo’s latest perspectives, case studies, research and analysis shaping conversations about private markets.
Private equity is entering a new phase where operational value creation, scale, and disciplined underwriting are key drivers of return.
Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape, from the AI boom to the industrial renaissance and policy.
Learn about our firm, our purpose and values, our people and where we are around the world.
October 12, 2026
Partner, Chief Economist
The US and Europe have fundamentally different roles in the AI economy. One is building it, and the other is using it. The US dominates on every supply-side measure: hyperscaler capex approaching $800 billion in 2026, data center capacity three times that of Europe and the dominant share of global AI models and semiconductor value, see the first three charts below.
Yet on adoption, several European countries are actually ahead of the US, and many European firms are using AI in their businesses (see the fourth and fifth charts). This suggests Europe is an eager user of infrastructure it did not build and cannot easily replicate.
The bottom line is that the US is the dominant AI builder, but both the US and Europe are AI adopters. For more, see our new chart book: The macro implications of the AI investment boom: US and Europe
Written by Huw van Steenis
Sources: Factset, Apollo European and Policy Strategist, Apollo Chief Economist
Sources: IEA, Apollo European and Policy Strategist, Apollo Chief Economist
Sources: AI Model & API Providers Analysis | Artificial Analysis, Apollo European and Policy Strategist, Apollo Chief Economist
Note: AI diffusion is measured as the share of people between ages of 15 and 64 who have used a generative AI product. This measure is derived from aggregated and anonymized Microsoft telemetry and adjusted to reflect differences in OS and device-market share, internet penetration and country population. Sources: Global AI Diffusion in Q1 2026 - AI Economy Institute | Microsoft, Apollo European and Policy Strategist, Apollo Chief Economist
Note: Survey reports the share of firms using at least one of eight specified AI technologies: 1) text mining, 2) speech recognition, 3) natural language generation, 4) image recognition and processing, 5) machine learning for data analysis, 6) AI based software robotic process automation, 7) autonomous robots or drones, self-driving vehicles, 8) generating pictures, videos, sound/audio. Sources: Eurostat 2025 EU-ICT-Firm Survey, Apollo European and Policy Strategist, Apollo Chief Economist
Tell us your role for a more relevant Apollo.com experience.
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
Social
Explore Apollo
More Information