Goldman Sachs
Showing 31–45 of 533 transcripts.
- 25 min
Emma Grede on Building Iconic Brands and the Inspiration Behind 'Start with Yourself'
Entrepreneur Emma Greed challenges conventional views on networking and work-life balance, advocating instead for resilience built on professional excellence and the acceptance of life's fluctuating "seasons." In her book *Start With Yourself*, she urges leaders to discard the "self-made" myth, embrace strict trade-offs based on core principles, and prioritize financial fluency to navigate AI-driven disruption. By promoting a mindset that separates personal identity from risk outcomes and values team assembly over individual heroics, Greed offers a pragmatic roadmap for sustainable success and equitable power acquisition.
- 10 min
Why US Stocks Could Climb Higher
Goldman Sachs Head of US Equity Sales Trading John Flood characterizes the current market as a "buy dip" environment driven by record-breaking trading volumes and robust earnings momentum that has lifted the S&P 500 toward the 8,000 mark. Key supply-side dynamics, including $140 billion in recent IPOs and broadened corporate buyback activity, are offsetting sector rotation into semiconductor stocks while institutional investors continue to dominate demand. Despite macroeconomic risks centered on potential interest rate hikes, the prevailing outlook remains bullish with a strategic preference for high-momentum assets in the United States and Asian markets.
- 10 min
What the IPO Boom Means for the US Equity Outlook
The U.S. IPO market has surged to its highest first-half volume since 2021 with nearly 50 deals totaling $120 billion, driven by capital demands for the artificial intelligence sector and a return of large corporations to the public market. While the Goldman Sachs IPO Barometer signals strong sentiment above its long-term average, the current environment remains distinct from historical bubbles as equity valuations stay below peaks seen in 2000 and 2021. Analysts project a continued bull trend for the S&P 500 through 2027, though they warn of potential volatility emerging as investor leverage rises and IPO lockup periods eventually expire.
- 20 min
Thelma Golden on Preserving Black Culture and the New Era of the Studio Museum in Harlem
Thelma Golden, serving as Ford Foundation Director and Chief Curator of the Studio Museum in Harlem, continues her career-long mission to center artists of African descent while overseeing the museum's relocation into a new state-of-the-art facility in November. Her leadership leverages strategic partnerships with entities like Goldman Sachs to transform the institution from a temporary loft into a permanent cultural anchor that preserves the legacy of the 1968 founding while supporting contemporary creation. This expansion aims to solidify the museum's role as a vital space where art functions as both a historical mirror and a visionary window for processing current societal realities.
- 23 min
Why the Fed’s Hawkish Turn Could Support the AI Boom
Tony Pasquariello, Josh Schiffrin, Dominic Wilson
New Federal Reserve Chair Warsh signaled a data-dependent approach focused on price stability while the committee's uncertain dot plot and absence of forward guidance prompted a hawkish market reaction. Panelists interpret current conditions as a mid-cycle adjustment driven by falling oil prices from geopolitical shifts and resilient AI-driven equity momentum rather than impending recession. This unique environment, characterized by rapid narrative shifts and robust capital absorption, suggests a high-velocity economic landscape distinct from the stagnation of previous years.
- 24 min
Maverick Capital Co-CIOs on Finding the AI Winners
Ben Silver, David Tykocinski, Tony Pasquariello
Maverick Capital co-chief investment officers Ben Silver and David Tykoczynski discuss their complementary investment philosophies and a holistic risk management framework designed to navigate complex market dynamics. The discussion highlights strategic shifts in the artificial intelligence sector toward application-layer value while identifying significant undervalued opportunities in the healthcare equipment space driven by reshoring trends. Both executives also address structural risks in the geopolitical landscape and emphasize the long-term transformative potential of AI despite near-term valuation volatility.
- 11 min
How the US-Iran Deal Could Affect Oil Prices
Daan Struyven, Alison Nathan, Don Stroyven
Following a diplomatic breakthrough between the U.S. and Iran to reopen the Strait of Hormuz, Brent crude prices retreated from over $120 to the low $80s as markets priced in a normalization of Middle Eastern supply by late July. Goldman Sachs forecasts average prices of $75 to $80 per barrel through 2027, noting that while most demand losses from the 14% production shock will recover, structural shifts like accelerating EV adoption in China may leave a 500,000 bpd deficit relative to pre-conflict baselines. Despite the recent sell-off, prices are expected to remain elevated by roughly $20 due to lingering security premiums and low inventories, with upside risks to $130 outweighing downside scenarios where quick recovery drives prices to $60.
- 11 min
The Outlook for AI-Related Stocks and US Interest Rates
Muhammad Qubbaj, Chris Hussey, Mohamed Koubaj
In an interview on the Goldman Sachs trading floor, Mohamed Koubaj analyzed how recent Non-Farm Payrolls and CPI data shifted market expectations from rate cuts to hikes while geopolitical tensions and stretched equity valuations fueled volatility. Koubaj characterizes the current AI rally as a generational opportunity anchored by real earnings, yet warns that debt-funded investment structures could face stress in the credit market within 12 to 18 months as leverage cycles normalize. Looking ahead to the upcoming FOMC meeting, he anticipates a consensus-driven approach under Chair Jerome Powell to balance resilient labor data against sticky inflation, with Middle East developments remaining a critical variable for oil price stability.
- 26 min
Private Markets at an Inflection Point
Pete Lyon, Michael Brandmeyer, Alison Nathan
Driven by a structural shift in private markets where holding periods have elongated and distributions remain below historical averages, industry leaders anticipate normalization by 2026 as liquidity channels diversify and Fed rate hikes subside. While public market rallies have temporarily compressed private equity alpha, the asset class maintains resilience against equity volatility and serves as the primary hub for innovation, supported by a secondary market projected to double in size. Goldman Sachs predicts that sustained earnings growth and easing debt conditions will eventually trigger a gradual increase in IPO and M&A activity, potentially surpassing 2021 deal volumes within three years if geopolitical stability is restored.
- 21 min
Leading Through Complexity: EY’s Janet Truncale on Leadership, AI, and the Modern Boardroom
EY Global Chair Janet Troncalli is steering the firm's transformation into a tech-enabled professional services model that leverages AI for 400,000 employees across 150 countries while prioritizing a "humans at the center" approach. The organization is shifting toward co-source managed service partnerships and fostering a challenger culture to navigate geopolitical risks, evidenced by accelerated client capital deployment despite dampened M&A activity. This strategic pivot is underpinned by a unified global operating model, extensive AI training for the workforce, and a leadership framework designed to manage complex decision-making through alignment over consensus.
- 11 min
Copper: AI Hype or Supply Squeeze?
A commodities strategist analyzes the divergence between gold's resilient safe-haven performance during the Iran conflict and the skepticism regarding its near-term upside caused by shifting macro rates. The trader assesses silver's limited upside potential due to its tight correlation with gold, while maintaining a neutral stance on copper despite AI-driven demand narratives that conflict with current global surplus levels. Finally, the outlook for aluminum projects a temporary physical deficit and price appreciation through summer before a surplus is expected to emerge following the resumption of Middle Eastern production later in the decade.
- 10 min
Will European Equities Outperform the S&P?
European equities have surged to near all-time highs driven by a 6–7% average upgrade in earnings estimates within the commodity and financial sectors, supported by resilient economic growth and planned German fiscal spending. Goldman Sachs has raised its 12-month Euro Stoxx 600 forecast to 660, citing the region's broader market breadth and the underappreciated potential of heavy asset companies in defense, aerospace, and utilities that are benefiting from global infrastructure and defense spending. While analysts project high single-digit returns for Europe over the coming year, the market is expected to trail U.S. and Asian performance due to lower energy independence and the concentration of tech dominance in American hyperscalers.
- 26 min
The AI Investment Boom: When Will It Pay Off?
Jim Covello, Alison Nathan, George Lee
In a Goldman Sachs Exchanges episode recorded on May 26, 2026, Jim Cabello and George Lee analyze the divergence between surging AI technology and unproven economic returns. Cabello admits previous misjudgments regarding consumer adoption and hyperscaler spending patterns while warning that the current exclusive profitability of semiconductor firms creates an unsustainable market dynamic. The dialogue concludes that without evidence of enterprise-scale profitability within the next two years, the industry faces a potential correction where hyperscaler stocks are poised to outperform if capital expenditure moderates or profit distribution shifts upstream.
- 8 min
Can the Tech Surge Continue?
Goldman Sachs reports a near-historic tech rally driven by an 80% year-to-year surge in semiconductors and robust earnings revisions that support current valuations. The firm projects 2027 capital expenditures to exceed $900 billion as infrastructure orders extend through 2027, while the software sector undergoes a selective re-rating based on demonstrated AI revenue growth. Despite concerns that the market has advanced too rapidly, analysts maintain a constructive medium-term outlook anchored by fundamental financial improvements rather than interest rate dynamics.
- 34 min
‘Complexity is Our Friend’: James Brocklebank on Advent's Private Equity Strategy
James Brocklebank, Alison Mass
James Brockelbank details Advent's $100 billion strategy of navigating complex regulatory environments in Europe and expanding into Asia-Pacific through a focus on transformational carve-outs and pure private equity specialization. Facing slowed exit realizations, the firm has integrated proprietary AI tools like "Advent GPT" into its investment committees while shifting toward strategic buyers to manage capital returns. Brockelbank emphasizes that despite these technological advancements, deep human relationship-building and a culture of "healthy paranoia" remain the critical differentiators for identifying high-quality opportunities in volatile markets.