What happened?
Artificial intelligence has not delivered the promised level-playing field for workers. Two years after billions of dollars were poured into AI, studies from Wall Street banks and investment firms show that corporate profit margins are near post-war highs while wage growth for low-paid occupations has slowed sharply.
Researchers at Morgan Stanley identified a group of "CHIC" households, college-educated, high-income city dwellers, who dominate the ownership of AI-related equity. Their models suggest that a modest 4 % rise in portfolio value can offset a 1 % drop in labour income for the wealthiest households.
Separate work by Apollo Global Management examined real wage trends using the Anthropic Economic Index and Bureau of Labour Statistics data. The study found that occupations with the highest AI exposure saw real wage growth fall by 6.7 percentage points after 2023, even though employment levels remained stable.
Why does it matter?
The findings challenge the narrative that AI will democratise prosperity. Instead, the technology appears to be reinforcing existing class divides. High-exposure jobs pay on average $97,000 a year, more than double the $46,000 median in low-exposure roles, and the bulk of AI-driven equity gains are concentrated in the top 20 % of earners.
At the same time, public sentiment is turning hostile toward the physical infrastructure that powers AI. Gallup and Politico polls reveal that seven in ten Americans oppose a data centre in their neighbourhood, and opposition projects have blocked or delayed $130 billion worth of installations in early 2026.
These dynamics matter for policymakers because they signal a widening gap between those who reap AI-related financial rewards and those who bear the cost of higher electricity bills and stagnant wages.
What happens next?
Analysts warn that the current profit-boosting model may be unsustainable. Michael Gapen of Morgan Stanley noted that firms are raising prices while keeping labour costs flat, a strategy that could erode demand if consumers feel the pinch.
In response to growing community opposition, several states are considering stricter regulations on data centre siting. New York has already enacted a statewide moratorium, and bipartisan political pressure is mounting in the Midwest.
Future research will need to track how AI adoption varies across tasks rather than job titles, as a St. Louis Fed study shows that actual usage often diverges from exposure scores. For now, the evidence suggests that AI has not broken the old rules of class, it has, at least so far, rewarded the same groups that have long held economic advantage.