Goldman Sachs
Showing 1–15 of 1323 transcripts.
- 7 min
Why the AI Trade is Moving Up the Stack
Mark Wilson, Ben Snider, Peter Callahan, Ben Schneider
Goldman Sachs strategists project a resilient S&P 500 driven by concentrated AI earnings strength and moderate valuation multiples despite narrowing market breadth reminiscent of the dot-com era. The narrative centers on a shift from infrastructure CapEx to the inference economy, with capital visibility extending to 2027 and a strategic pivot toward beaten-down consumer and cybersecurity sectors. Looking toward year-end, the consensus anticipates a continued rally fueled by an expected 30% Q3 earnings growth and a decline in political risk premiums.
- 11 min
Hedge Funds Are Cautious on Stocks amid Rates and Energy Volatility
The presentation analyzes a distinct market regime shift where negative correlations between Eurostoxx and Bund yields, alongside French political uncertainty and energy price volatility, are driving a logical derating of European equities. Despite these headwinds, the analysis highlights divergent performance between European banks and U.S. tech giants while forecasting robust earnings growth supported by industrial rearmament and AI-driven productivity gains. Investors are advised to capitalize on these dynamics through long positions in U.S. mega-cap technology and German fiscal beneficiaries, while closely monitoring upcoming CPI data and geopolitical developments for potential market reversals.
- 14 min
Sharmin Mossavar-Rahmani: Long US stocks Amid Volatility
Sharmin Mossavar-Rahmani, Tony Pasquariello
Sharmeen Mosabar-Rahmani will retire after 33 years at Goldman Sachs, concluding a tenure as Chief Investment Officer of Wealth Management where she championed a strict long U.S. equity bias backed by a global team of over 110 strategists. Her departure coincides with a market landscape defined by the surge to 10,000 global ETFs and 30,000 U.S. registered investment advisers, which the firm navigates by integrating AI profitability models, technical analysis, and rigorous geopolitical risk assessment. Maintaining a framework that prioritizes long-term investment horizons over market timing, the organization continues to leverage its "US preeminence" thesis despite recent volatility, citing a track record where early 2009 S&P 500 investments yielded significant compounded returns relative to alternative global exposures.
- 9 min
Asahi Pompey Joins CNBC from the 10,000 Small Businesses How Britain Can Win Summit
Goldman Sachs convened 450 high-growth UK entrepreneurs and major corporate CEOs, including leaders from Tesco and British Airways, to strategize on scaling economic growth in London. Survey data revealed that while 97% of attendees possess high ambition and 91% plan significant expansion over the next three years, they identify a lack of institutional support and cultural shifts regarding failure as primary barriers. Concurrently, the event highlighted a rapid acceleration in AI adoption, which has jumped to nearly 90% of small businesses, marking a transition from experimental use to operational integration driven by employee innovation.
- 32 min
Inside the Revival of Venture Capital Liquidity with an Industry Pioneer
Hans Swildens, Michael Brandmeyer
Industry Ventures co-founder Hans Wildens and Goldman Sachs Asset Management are merging in January 2026 to create a $7 billion entity addressing a $1 trillion to $3 trillion liquidity gap in the venture secondary market. This consolidation enables the firm to capitalize on bifurcated market trends where AI-first companies drive hyper-growth while legacy assets seek reinvention through tech buyout and continuation fund strategies. Wildens anticipates a 2030 collision between digital and physical AI sectors, prompting institutional shifts toward precise portfolio construction and intermediate liquidity solutions like tenders in primary financings.
- 8 min
Goldman Sachs Chief Economist Jan Hatzius Joins CNBC to Discuss His Outlook for the US Economy
Goldman Sachs chief economist Jan Hatsias forecasts a single 25-basis-point Federal Reserve rate hike in December while projecting global inflation to stabilize at 2.2% by late 2027. Despite market expectations of further tightening, the firm attributes current financial conditions to rising long-term rates and anticipates that artificial intelligence will eventually boost long-term growth by 1.5 percentage points. This outlook relies on benign October CPI data and assumes that a potential resolution to geopolitical tensions in Iran could further reduce the probability of additional rate increases.
- 9 min
Al Is Becoming a Stock Picker's Market
Investors are navigating a maturing AI cycle characterized by a shift from infrastructure to application-layer opportunities, where software dispersion favors security and data enablers over traditional SaaS. Despite a 20% compression in NASDAQ multiples driven by rising 10-year yields above 5.25%, market returns remain supported by earnings growth and expectations of a Q3 semiconductor rebound linked to consumer AI. Upcoming catalysts include the Fed's next meeting, mid-month earnings focused on return on invested capital, and the upcoming midterm elections, which collectively frame a strategic outlook targeting productivity gains through 2027–2028.
- 24 min
How Family Businesses Should Plan for Generational Success
FX de Mallmann, Tucker York, Alison Nathan
While family-owned enterprises drive 70% of global economic output and dominate sectors from luxury goods to defense, only 10% successfully transition to a third generation due to poor succession planning. Key operational challenges include the tension between emotional family identity and the need for disciplined capital allocation, often necessitating the integration of professional non-family management as firms scale. To mitigate concentrated risk and resolve governance conflicts, successful transitions increasingly rely on formal exit mechanisms, external capital infusions, and a strategic shift from business management to long-term wealth stewardship.
- 17 min
Daniel Nadler on Building an AI-Powered Search Engine for Medicine
Founded by Dr. Daniel Nadler, Open Evidence functions as an AI-powered "MRI of medical knowledge" that aligns physicians with current clinical standards by reducing the 17-year gap between research and practice to mere hours. Backed by Google and formalized partnerships with the New England Journal of Medicine and NCCN, the platform utilizes licensed, full-text data to eliminate information overload and hallucinations inherent in general large language models. This technology currently processes 1.5 million verified queries to standardize care across complex specialties like oncology, with a long-term strategic goal of eliminating medical error as a leading cause of death.
- 24 min
How Family Businesses Should Plan for Generational Success
FX de Mallmann, Tucker York, Alison Nathan
Despite accounting for 70% of global economic output and 80% of US enterprises, family-owned businesses face steep succession hurdles, with only 30% surviving into a second generation and 10% reaching the third. These entities often outperform non-family peers by prioritizing legacy continuity and disciplined capital allocation, yet they frequently lack formal succession plans to navigate the complex alignment of founder objectives with next-generation aspirations. Strategic governance mechanisms and the professionalization of management are critical for overcoming these transition challenges and sustaining value through generational shifts.
- 27 min
US Soccer's JT Batson in the World Cup and Scaling the Game
US Soccer is executing a five-year strategy to position the Men's National Team for global dominance while leveraging the 2026 World Cup, 2028 Olympics, and 2031 Women's World Cup to drive systemic growth across youth, collegiate, and professional sectors. Under the leadership of executive JT Batson, the organization is replacing its traditional "challenger" mentality with a high-performance culture centered at a new Atlanta headquarters, prioritizing structural changes to make soccer America's number one sport through curriculum integration and cost reduction. This comprehensive approach aims to align high-profile coaching hires, expanded league partnerships, and social impact initiatives to secure a lasting legacy where the U.S. consistently competes for and wins world titles.
- 12 min
The Bond Market May Be the Stock Market's Biggest Risk
Tony Pasquariello, Chris Hussey
Goldman Sachs economists led by Tony Pasquarello analyze a unique macro environment where aggressive Fed rate hikes collide with a $1.3 trillion AI investment surge and a $2 trillion fiscal deficit. This dual impulse is sustaining robust economic growth despite decelerating corporate earnings and rising bond yields, which Pasquarello identifies as the primary risk to equity valuations. Consequently, institutional strategies are shifting toward defensive bond positioning while favoring specific trades in Japanese domestic indices and anticipating significant market volatility ahead of the upcoming Non-Farm Payrolls report.
- 19 min
Why Markets May Be Pricing in Too Many Fed Rate Hikes
Rob Kaplan, Warsh, Alison Nathan, Robert Kaplan
On September 22, 2026, Goldman Sachs Exchanges featured former Dallas Fed President Robert Kaplan analyzing the Federal Reserve's first rate hike in three years under new Chairman Kevin Warsh, a move driven by persistent 3% inflation rather than market speculation. Kaplan highlighted the Fed's cautious outlook, noting that conflicting economic forces—specifically booming AI infrastructure versus sluggish housing markets—support a decision to pause further increases until December despite Treasury yields exceeding 5%. While maintaining that FOMC members operate free from political pressure, Kaplan warned that a prolonged supply shock risks broadening inflation if economic data such as PCE and CPI indicators in October show no sign of firming.
- 9 min
David Solomon’s Remarks at the 2026 FDNY Foundation Dinner
Goldman Sachs CEO David Solomon accepted an award from the FDNY Foundation at "The Rock" training academy, using the 25th anniversary of the September 11 attacks to honor the 343 firefighters who died while prioritizing community service over self-interest. The speech highlighted the enduring resilience of New Yorkers and emphasized the department's ongoing mission to support the next generation of first responders through both material resources and a philosophy of citizenship. This address underscored the symbiotic relationship between the financial firm and the city, celebrating a legacy of bravery where individuals are urged to ask who needs them rather than what they can gain.
- 19 min
Ryan Serhant on the Art of Selling Luxury Real Estate
Ryan Serhant, who pivoted to real estate in 2008 and subsequently starred in the ten-season run of *Million Dollar Listing New York*, has built a diversified technology and services firm that currently surpasses $1 billion in monthly transaction volume. Unlike traditional brokerages, Serhant's company utilizes an organic, content-driven inbound strategy to recruit intrapreneurs and deploy AI tools that streamline complex transactions without paying for customer acquisition. Looking ahead, the firm is repurposing commercial spaces to address housing shortages while integrating artificial intelligence to enhance human relationship-building, a strategy that recently enabled the industry's most expensive residential sale of $308 million.