Latest Interviews
Showing 16–30 of 243 interview transcripts.
Clear all filters- Goldman Sachs10 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.
- Goldman Sachs11 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.
- Goldman Sachs11 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.
- Goldman Sachs11 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.
- Goldman Sachs10 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.
- Goldman Sachs8 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.
- Goldman Sachs11 min
Why Rates Could Keep Rising
Phillip Lee, Chris Hussey, Phil Lee
Rising real yields are driven by a convergence of inflation uncertainty, resilient growth, and elevated fiscal deficits, causing market expectations to shift from anticipated rate cuts to a prolonged pause or potential hikes. The Federal Reserve's upcoming June guidance from its new Chairman underscores this uncertainty, while higher mortgage rates are stifling the housing market and eroding consumer spending power. Institutional investors are consequently adopting a bear-steepener strategy, maintaining dynamic patience in fixed income portfolios to navigate the divergence between robust equity performance and weakening underlying consumption.
- Goldman Sachs16 min
Caitlin Clark on Navigating Pressure and the Future of the WNBA
Following her NCAA all-time scoring record and selection as the number one WNBA draft pick by the Indiana Fever, Caitlin Clark overcame significant injury hurdles to secure Rookie of the Year honors and guide the franchise to its first Finals appearance since 2016. Clark's professional development has been shaped by strict parental guidance and a transition to elite competition that prioritizes defensive fundamentals and team chemistry over individual stardom. Looking ahead, she advocates for organic growth in the league, projects WNBA expansion to 18 teams by 2028, and aims to serve as an authentic role model while preparing for future international competition.
- Goldman Sachs11 min
A Tale of Two Markets
Shawn Tuteja, Chris Hussey, Sean Tatasia
As of May 13, the S&P 500 and Nasdaq have rallied significantly driven by a 17% year-over-year earnings growth surge and concentrated capital expenditure of $755 billion in the AI sector. This performance has created a divergence where hyperscalers and semiconductor equipment outpace cyclical equities amid inflation shocks that have shifted Federal Reserve expectations from rate cuts to potential hikes. While Goldman Sachs rules out a bubble due to earnings-backed fundamentals, the market faces heightened volatility risks from systemic leverage and potential macro triggers like 30-year Treasury yields breaching 5%.
- Goldman Sachs19 min
Innovation and Inflation: Twin Forces Reshaping Portfolios
Christian Mueller-Glissmann, Alexandra Wilson-Elizondo, Alison Nathan
Recorded on May 7, 2026, this market analysis addresses the 2026 stagflationary dynamic where traditional 60/40 portfolios fail to buffer against rising rates while the S&P 500 rallies on heavy technology concentration. Experts identify tactical opportunities in infrastructure and commodity carry strategies to mitigate momentum risks, though they warn that a potential labor market feedback loop or 30-year yield breakout could impose severe constraints on equity valuations. The discussion concludes by evaluating the low-probability risk of an AI positioning unwind alongside structural shifts in private credit leverage.
- Goldman Sachs15 min
How to Trade Oil Now
Oil markets are currently navigating a binary valuation dependent on a potential memorandum signing, which determines whether prices stabilize near $95–$105 or re-price higher following a 30-day sell-off window. While the April ceasefire has removed the immediate risk premium on infrastructure, refined product shortages and yield shifts are expected to constrain European jet fuel supplies and sustain elevated summer prices for at least three to six months. Investor sentiment has subsequently pivoted from directional trading to downside hedging, anticipating that full supply normalization and a bearish market scenario will not materialize until nine months post-conflict.
- Goldman Sachs19 min
Will AI Make Markets Less Efficient?
Osman Ali, Alison Nathan, George Lee
Goldman Sachs' Global Co-Head of Quantitative Investment Strategies, Osman Ali, discusses how his team leverages AI and machine learning to analyze market sentiment across 15,000 stocks daily, capturing the fact that over half of recent equity returns are now driven by themes rather than fundamentals. Ali explains that while advanced language models enhance market efficiency, their widespread adoption creates new alpha opportunities through crowding effects and predictable herd behavior, which the firm actively models to exploit. This strategy relies on a hybrid approach combining proprietary data, custom technology, and human experience to navigate a zero-sum game where increasing market complexity continuously generates fresh sources of value.
- Goldman Sachs15 min
Riding the AI Wave
The April 30 FOMC meeting revealed a divided Federal Reserve committee that shifted from expectations of a near-term rate cut to a non-committal stance, a position reinforced by the incoming appointment of hawkish member Kevin Warsh. While private sector leverage has decreased since the Great Financial Crisis, concerns regarding public sector debt sustainability and elevated term premiums persist alongside a robust equity rally driven by hyperscalers and artificial intelligence. Investment strategists consequently maintain a bullish but cautious 7/10 allocation to technology, avoiding fixed income while rotating into energy and defense to hedge against potential consumer drawdowns expected in the mid-year "air pocket."
- Goldman Sachs17 min
How Warsh Could Shape Fed Policy
Kevin Warsh, Rob Kaplan, Alison Nathan
Following the Justice Department's decision to drop its investigation of Jerome Powell, the Trump administration expects Kevin Warsh to be confirmed as the next Fed Chair by June. Warsh, a former "lieutenant" to Ben Bernanke who views quantitative easing strictly as an emergency tool, plans to collaborate with Treasury Secretary Bessent to manage the balance sheet while prioritizing a reduction in the Federal Reserve's communication burden through the potential elimination of the dot plot. This strategy aims to navigate sticky inflation and geopolitical uncertainties that have pushed market rate cut expectations into 2027, requiring Warsh to build consensus among diverse FOMC members to secure seven votes for any policy shift.
- Goldman Sachs18 min
Winning the Right to Invest: 20VC’s Harry Stebbings
Harry Cassell reframes media distribution as a critical weapon for securing investment rights, leveraging a data-driven content strategy that generated $6.1 million in 36 hours to differentiate his platform from traditional venture capital models. Critiquing the current market's saturation by large multi-stage funds, he emphasizes founder empathy, specific personality traits, and a robust LP network to navigate an environment where capital is commoditized and growth expectations have shifted. Looking toward Europe, Cassell predicts a decade of massive company creation driven by lower barriers to entry and increased founder resilience, citing early successes like Lovable as evidence of a reinvigorated ecosystem ready to compete globally.