Latest Interviews
Showing 16–30 of 476 interview transcripts.
Clear all filters- Goldman Sachs18 min
How Falling Launch Costs and AI Are Driving the Space Economy
Michael Tarulli, Erik Sparks, Alison Nathan
Driven by a 95% cost reduction through rocket reusability, the global space economy has shifted from government dominance to an 80% commercial model currently valued at $625 billion. Key technological transitions to Low Earth Orbit constellations and AI integration are fueling growth toward a projected trillion-dollar market by 2040, though investors still prioritize order backlogs over profitability amidst high launch failure risks. While geopolitical tensions and collision cascade threats challenge sustainability, the sector is rapidly evolving toward autonomous manufacturing, commercial stations, and eventual off-world resource extraction as a universal utility by 2050.
- Goldman Sachs10 min
Will Hyperscalers Justify AI Spend?
Recent market analysis highlights an unsustainable U.S. equity equilibrium driven by AI spending for 70–80% of incremental GDP, creating a concentration risk where hyperscalers underperform against beneficiaries while credit markets face $250 billion in issuance stress. With Q2 earnings priced for 23–24% growth and retail positioning heavily leveraged in semi-hardware, the primary risk involves a failure to validate ROI that could disrupt the current AI capital expenditure cycle. Concurrently, a structural divergence between U.S. tech dominance and European industrial headwinds presents a potential trade where equities may drive macro expectations rather than traditional macro factors.
- Goldman Sachs11 min
Why the US Dollar Could Continue to Strengthen
Driven by geopolitical tensions with Iran, robust U.S. corporate performance, and a shifting Federal Reserve stance toward rate hikes, analysts project sustained dollar strength against global rivals. This outlook supports a primary strategy of long USD positions against G10 currencies, particularly the Swiss Franc, to capitalize on favorable interest rate differentials and potential central bank divergence. Market participants also anticipate upside in specific emerging markets like Brazil and Egypt while noting that structural challenges to the dollar's reserve status remain distant.
- 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 Sachs10 min
Geopolitics, AI, and Private Credit: Navigating Three Key Investor Concerns
Following Middle East strikes that disrupted global oil production and slightly altered Federal Reserve rate cut expectations, U.S. equities have recovered to record highs as historical data indicates a 95% probability of recovery within eight weeks. The firm attributes this resilience to America's energy insulation and revised 2026 earnings growth forecasts, while advising a strategic overweight in U.S. assets alongside a selective tilt toward the software sector. Although private credit risks remain contained and systemic stress is deemed unlikely, investors are urged to maintain long-term market participation through customized asset allocations rather than attempting to time the current volatility.
- Goldman Sachs29 min
How Will AI Impact the Labor Market?
Daron Acemoglu, Neil Thompson, Joseph Briggs, Allison Nathan
Experts from Goldman Sachs and MIT project that while AI will displace tens of millions of U.S. workers over the next decade through significant labor reallocation, the unemployment rate is expected to rise by less than one percentage point annually as new job creation offsets automation. The consensus indicates a gradual transition driven by integration barriers rather than sudden mass layoffs, though disagreement persists regarding short-term net employment impacts depending on whether firms prioritize replacing or complementing human labor. Recorded in June 2026, these forecasts highlight that the trajectory of inequality and total job levels will ultimately depend on whether AI development focuses on automating routine cognitive tasks or augmenting high-value human expertise.
- Goldman Sachs22 min
Strengthening the Navy SEAL Community Amid Geopolitical Shifts
Vanya Kasanof, Keith Davids, Robin King
Rear Admiral Keith Davids and Robin King discussed the strategic evolution of Naval Special Warfare toward maritime dominance and the Navy SEAL Foundation's expanded mission to support operators facing traumatic brain injuries and mental health challenges. The dialogue highlighted how technological democratization now threatens naval forces through low-cost drone warfare, necessitating a shift where special operations lead joint efforts in cyberspace while the Foundation leverages its agile structure to address invisible wounds through active listening. With Goldman Sachs joining their efforts, these leaders aim to deepen community engagement to ensure families remain resilient so that service members can maintain laser focus on their missions.
- Goldman Sachs23 min
The Future of Industrial AI with Honeywell Technologies Chairman and CEO Vimal Kapur
Honeywell is executing a strategic split into three public entities—Honeywell Aerospace, Solstice Advanced Materials, and a residual company led by CEO Vimal Kapoor—to eliminate corporate complexity and unlock value through pure-play exposure. This transformation is underpinned by a robust automation business model generating mid-single-digit growth via capital and operations spend, while simultaneously deploying "Physical AI" agentic systems to augment human decision-making in industrial settings. The company also anticipates a near-term inflection point for quantum computing utility within two to three years, all while streamlining its post-separation governance to focus exclusively on portfolio strategy and talent management.
- Goldman Sachs25 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.
- Goldman Sachs10 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.
- 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 Sachs24 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.
- 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 Sachs26 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.