Latest Interviews
Showing 31–45 of 1,510 interview transcripts.
Clear all filters- Goldman Sachs12 min
Why US Equity Returns Are Broadening Beyond AI Stocks
Shawn Tuteja, Chris Hussey, Sean Tatasia
Despite Q2 earnings beating expectations and broadening market participation beyond the Magnificent Seven, investor sentiment remains cautious as volatility drops and capital rotates from high-flying AI stocks into undervalued sectors like healthcare and consumer experience. Concurrently, macroeconomic pressures from bond supply dynamics, rising oil prices, and a slowing U.S. economy outlook are complicating the Federal Reserve's policy path ahead of the critical Jackson Hole symposium. Consequently, market participants are increasingly utilizing ETFs and hedging strategies to navigate geopolitical risks and potential rate shifts while earnings consensus for 2027 is revised upward.
- The Economist9 min
Will Japan bring down the world economy? | The Economist
Henry Curr, Josh Roberts, Ethan Wu
For the first time in three decades, the US and Japan executed a joint currency intervention with Treasury Secretary Scott Bessent purchasing up to $10 billion in yen to stabilize the currency. This action coincided with Japan's strategic shift toward raising interest rates from approximately -0.1% to 1% to combat inflation and the risks associated with the global yen carry trade. While analysts warn that further rate hikes could trigger a rapid unwind of this trade and global asset sell-offs, Japan retains substantial foreign reserves to manage volatility without causing a systemic collapse.
- Goldman Sachs17 min
How New Models are Changing the AI Investment Landscape
Sharmin Mossavar-Rahmani, Jim Covello
Current AI adoption faces a critical bottleneck where massive infrastructure investments fail to generate net savings for enterprises, concentrating economic value primarily with semiconductor manufacturers rather than end users. Profitable integration depends on solving data readiness and implementing model orchestration layers that route queries efficiently, a shift expected to redirect value toward the enterprise value chain through widespread open-source adoption. As hyperscalers face scrutiny over trillion-dollar capital expenditures, the market is pivoting from reward-based sentiment to demand for immediate return on investment, creating divergent outcomes based on whether enterprises can eventually achieve sustainable AI profitability.
- Bank of America9 min
Must Read Research: AI Financing, Convertibles, AI and Labor, Australian LNGs
Candace Browning, Yuri Seliger, Michael Youngworth, Stephen Juno
Analysts project hyperscalers and NVIDIA will trigger a surge in AI infrastructure financing, potentially doubling total debt issuance to $659 billion by late 2027 while convertible bonds increasingly link to AI themes. Despite high adoption rates in finance and information sectors, data indicates minimal correlation between AI exposure and overall employment growth, though construction and manufacturing roles added nearly 130,000 jobs through capital expenditures. Concurrently, Australian LNG producers face reserve replacement challenges amid constrained export volumes, prompting strategic shifts toward infrastructure efficiency as supply is expected to outpace global demand.
- The Economist7 min
What’s life like as a woman under the Taliban? | The Economist
Tom Sasse, Zanny Minton Beddoes, Hibatullah Akhundzada, Chris, Steve
Under the leadership of Emir Haibatullah Akhundzada, the Taliban has enforced sweeping restrictions that ban girls from secondary education, exclude women from public universities, and legally validate child marriage through a series of hardline decrees. Although an ideological rift exists between the Emir's isolated, ultra-conservative faction in Kandahar and moderate Taliban members who oppose these bans, Haibatullah has consolidated power using a loyal armed force to suppress internal dissent. While these measures have collapsed the public education system for females and deepened societal dissatisfaction, the Emir currently retains full authority despite expert doubts regarding the long-term sustainability of such repression.
- Goldman Sachs12 min
How Inflation and Fiscal Policy Are Driving US Treasury Markets
Mike Mitchell, Mike Washington
Following an August 12th core CPI print that met consensus at 21.5 basis points, forecasters are revising inflation expectations downward while bond market pricing implies a 9 basis point rate cut at the upcoming September Federal Open Market Committee meeting. Market participants are navigating a complex environment where heavy Treasury supply, robust corporate debt issuance for AI infrastructure, and persistent fiscal concerns are driving real yields to historically elevated levels, prompting recommendations for a yield curve steepener. With the labor market described as tepid and non-fiscal data taking precedence, attention now shifts to the August 13th PPI release and upcoming FOMC minutes to gauge the central bank's forward policy stance.
- The Economist7 min
Why China and America see AI differently | The Economist
While over 80% of the Chinese public maintains an optimistic view of AI driven by decades of technological progress, significant structural anxieties persist among tech workers facing age discrimination and mass layoffs. In response, authorities have launched a five-year monitoring strategy utilizing real-time data on power usage and payment flows to detect early signs of workforce disruption and preemptively stabilize the labor market. Despite these proactive government interventions aimed at balancing innovation with social stability, experts remain skeptical about whether retraining programs can match the rapid scale of AI-driven economic shifts without triggering explosive instability.
- Goldman Sachs8 min
Why US Stocks May ‘Grind Higher’
Ashok Varadhan, Mike Washington
Goldman Sachs co-head Ashok Baradhan forecasts equities will continue to "grind higher" despite recent volatility driven by war tensions, Fed rate concerns, and AI leverage unwinding, predicting a V-shaped tech recovery and S&P 500 new highs. Baradhan diverges from current market pricing by asserting interest rates will remain on hold through year-end as inflation recedes, while maintaining a constructive outlook on credit spreads and dismissing short-term currency interventions. The firm recommends investors stay fully invested with a target energy price below $70 per barrel to support U.S. yields and productivity gains, pending validation from upcoming jobs and inflation data.
- The Economist6 min
Who’s really running Iran? | The Economist
David Rennie, Dr Sanam Vakil, Sir Simon Gass
Following a decapitation campaign by U.S. and Israeli forces that eliminated Iran's supreme leader and three layers of military command, the regime is navigating an existential survival war under the succession of the ailing Mojtaba Khamenei. Despite the loss of key figures like Ali Larijani, a consensus-based vote by 12 of 13 Supreme National Security Council members in June confirmed a unified commitment to signing a new MOU driven by rational forward defense rather than irrational hatred. Although the IRGC currently holds increased influence, the system faces critical uncertainty regarding Mojtaba's ability to replicate his predecessor's patronage network while managing severe health issues and a shifting political balance.
- Goldman Sachs16 min
Energy Disruptions Are Here to Stay
Amid escalating geopolitical tensions in the Middle East and Russia, the oil market has stabilized around $80–$85 for Q3 as investors focus on fundamental product deficits rather than headline volatility. While crude supply shocks have been partially mitigated by Russian export growth and strategic stockpiles, severe tightness in diesel and heating oil inventories threatens to sustain elevated prices through winter. Market analysts project a potential price dip to the $70s in Q4 if diplomatic progress occurs, though a significant supply response is unlikely before 2027 due to the long timeline required to rebuild global inventories.
- a16z10 min
The Ocean Company - Ulysses | a16z American Dynamism
Will O'Brien, Akhil Voorakkara, Jamie Wedderburn
Ulysses has pivoted from a demand-constrained startup to a supply-limited entity capitalizing on the global E-AI super cycle to build a 24/7 autonomous robot network comparable to satellite constellations. The company leverages its modular vehicle architecture and in-house manufacturing to deliver cost-effective solutions for critical sectors including offshore restoration, defense mine countermeasures, and undersea infrastructure security. With a strategic vision to dominate the ocean domain within 15 years, Ulysses directly addresses the inadequacy of traditional military investments by deploying asymmetric, autonomous systems against threats ranging from naval mines to cable sabotage.
- a16z9 min
The Future is Metal - Mariana Minerals | a16z American Dynamism
Founded by former Tesla executive Turner Caldwell, Mariana Minerals is deploying a vertically integrated, software-first strategy to reclaim Western control over critical mineral supply chains dominated by Chinese refineries. The company recently entered the Utah copper market by acquiring the struggling Copper One asset, where it rapidly implemented autonomous haul trucks and replaced legacy manual processes with its proprietary Mariana OS to validate operational efficiency in just 150 days. This approach aims to revitalize San Juan County while establishing a scalable model for future resource extraction on Earth, the Moon, and beyond.
- The Economist9 min
Is billionaire wealth becoming more legitimate? | The Economist
Recent research distinguishes between "competitive wealth" derived from creating goods and services and "uncompetitive wealth" from natural resources or political favors, finding the former is expanding while the latter declines. This shift is driven by rapid consumer growth in China, strong market returns, and the mobile-first internet era, which has fueled self-made billionaires in sectors like entertainment and retail rather than just technology. Consequently, data indicates that effective tax rates for the wealthiest Americans are high and that aggressive wealth taxes on competitive entrepreneurs may incur greater economic costs than the benefits of curbing inequality.
- Goldman Sachs11 min
Live Market Insights: Addressing Client Questions on the Mid-Year 2026 Outlook
Sharmin Mossavar-Rahmani, Matt Weir, Nicola Gifford
Analysts project a robust 2026 outlook for U.S. equities, forecasting S&P 500 earnings growth of approximately 17% driven by broad-based margin expansion and macroeconomic resilience following a transition to energy independence. Portfolio strategies reflect this optimism by maintaining U.S. allocations while adding targeted exposure to AI supply chain leaders in Korea and Taiwan, while explicitly advising against the high costs of systematic put option hedging. Future market dynamics will be shaped by the tension between hyperscalers deploying 100% of operating cash flow into AI capital expenditures and the counterbalancing force of $1.3 trillion in projected corporate share buybacks.
- The Economist6 min
What can Big Macs tell you about the global economy? | The Economist
Zanny Minton Beddoes, Edward Carr, Simon, Henry, Josh
Conceived by economics correspondent Pam Woodall, the Big Mac Index uses McDonald's standardized burger prices to gauge Purchasing Power Parity and identify currency misalignments across nations. While widely cited in academic research and occasionally utilized for long-term investment strategy, the metric remains largely symbolic for traders and has faced public rejection from countries like Taiwan that actively undervalue their currencies. Despite successes such as predicting the euro's initial overvaluation, the index cannot account for institutional confidence or central bank policies that frequently drive exchange rates away from theoretical PPP values.