Latest Interviews
Showing 1–7 of 7 transcripts.
Clear all filters- 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.
- 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.
- Goldman Sachs10 min
AI: What Investors Should Know
Jim Covello, Sharmin Mossavar-Rahmani
Goldman Sachs analysts project that global AI capital expenditures will surpass $3 trillion by 2026, though they warn of distinct "earnings bubbles" in public markets and "valuation bubbles" in private sectors driven by unsustainable demand. While consumer adoption remains strong, enterprise integration faces hurdles due to data fragmentation, leading experts to predict a strategic shift toward specialized Small Language Models that prioritize efficiency over mass labor replacement. The investment landscape is further complicated by geopolitical divisions favoring the U.S. in chip infrastructure and China in model production, alongside concerns over circular financing practices that delay profitability for large-cap companies.
- Goldman Sachs19 min
Keep on truckin’: Will the US continue to outperform other markets?
Sharmin Mossavar-Rahmani, Sharmeen Mosavar-Rahmani, Alison
Goldman Sachs Wealth Management forecasts an 8% base return for U.S. equities in 2025, advocating for a strategic shift from non-U.S. public markets toward U.S.-oriented private assets despite elevated valuations. The firm advises against allocating capital to China, gold, or cryptocurrencies, citing structural headwinds and a lack of intrinsic value, while predicting that interest rates will decline as tariffs remain limited. Consequently, the outlook recommends maintaining a high-quality fixed income hedge to navigate volatility rather than employing costly derivatives or selling equities for tax avoidance.
- Goldman Sachs13 min
"Climbing the Wall of Worry”
Amidst significant market volatility and policy uncertainty, financial advisors are urging investors to maintain a long-term strategic asset allocation prioritizing equities over cash and bonds. The presentation projects mid-single-digit annual returns for the next decade while forecasting a labor market recovery that may not reach historical lows until 2023. Furthermore, despite concerns regarding the upcoming election and rising federal debt, experts advise against market timing, citing a consensus that $1.5 trillion in additional fiscal stimulus is imminent and necessary to prevent an economic cliff.
- Goldman Sachs16 min
Why Investing in the Longest Bull Market in History is Still a Smart Move
Sharmin Mossavar-Rahmani, Jake Siewert, Jake Seward
Goldman Sachs Private Wealth Management's 2020 "Room to Grow" report argues that the current economic expansion will likely persist through 2020, citing favorable central bank policies, a low 20% recession probability, and balanced market conditions that support an 87% chance of positive returns. The firm recommends a strategic overweight in U.S. equities driven by superior demographics and productivity, while cautioning that high capital gains taxes make it inefficient for investors to sell assets waiting for a market dip. Although the analysis acknowledges short-term volatility from geopolitical tensions and the coronavirus outbreak, it projects that disinflationary trends and robust household balance sheets will allow underlying economic growth to reassert itself within months.
- Goldman Sachs14 min
"Catch-Up With David": with Goldman Sachs' Sharmin Mossavar-Rahmani
Sharmin Mossavar-Rahmani, David Solomon
A senior Goldman Sachs executive outlines a continued strategic overweight in US equities, attributing this "American preeminence" to robust institutions, favorable demographics, and resilient political structures despite rising geopolitical risks. While identifying the evolution of the US-China relationship as the primary external threat, she argues that historical precedents and strong institutional safeguards make the US economy uniquely positioned to withstand internal and external shocks. Drawing on a diverse personal background spanning engineering and diplomacy, she reinforces her investment thesis through decades of client management and significant philanthropic efforts in foreign policy and healthcare sectors.