Latest Interviews
Showing 31–45 of 1,302 transcripts.
Clear all filters- Goldman Sachs26 min
How AI Debt Is Reshaping Credit Markets
Amanda Lynam, Zach Ablon, Allison Nathan
Global credit markets have shifted as AI-driven debt issuance from hyperscalers and the broader ecosystem now dominates supply, reaching nearly $500 billion year-to-date in 2026 alone. This unprecedented concentration is reshaping the Investment Grade landscape by skewing duration weight toward tech giants like Amazon and Google, while simultaneously testing market absorption limits and driving spread widening among insurance investors. As traditional US IG capacity approaches a $510 billion ceiling, the financing void is forcing a structural pivot toward private capital, non-USD jurisdictions, and alternative vehicles like project finance to sustain the multi-trillion-dollar AI investment cycle.
- 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 Sachs24 min
Arun Gupta on Bringing Silicon Valley’s Spirit to Public Service
Noble Reach establishes a "community of dual citizens" by placing private-sector innovators into 2-3 year federal rotations to address critical generational talent gaps within US government technology sectors. Supported by strategic partners like Goldman Sachs, the organization deploys scholars to solve complex problems in state, local, and federal agencies while leveraging bipartisan mentorship and technical training to decouple public service from political ideology. This "residency match" model aims to foster long-term career resilience and global competitiveness against adversaries practicing civil-military fusion, ultimately validating public service as both altruistic and professionally advantageous.
- Goldman Sachs20 min
What the Surge in IPOs Means for Investors
Jay Ritter, Owen Lamont, Allison Nathan
Goldman Sachs Research reports that the U.S. IPO market reached record issuance levels in 2026 while maintaining average valuations that distinguish current activity from historical speculative bubbles. Analyst Jay Ritter and Owen Lamont offer diverging perspectives on this surge, with Ritter arguing deep capital markets can absorb new supply without overvaluation, whereas Lamont warns that a massive wave of issuance signals the early stages of a potential bubble. Both experts agree that structural shifts, including expanded private markets and industry consolidation, have permanently reduced the average annual IPO count to roughly 100, fundamentally altering the relationship between new listings and future market returns.
- Goldman Sachs17 min
Jon Winkelried on Lessons from Goldman Sachs and TPG’s Next Chapter
Jon Winkelried, Matt McClure, John Winkle-Reed
John Winkle-Reed, who rose from a 1981 Goldman Sachs intern to co-president before retiring in 2009, applied his leadership philosophy of active listening and decision transparency to transform TPG from a $64 billion founder-led buyout firm into a $310 billion diversified public alternative asset manager. His strategic shift from a siloed structure to a unified "one firm" orientation overcame significant internal resistance, enabling the 2022 public listing and major acquisitions like Angela Gordon in 2023. Currently serving as sole CEO since 2021, Winkle-Reed has integrated artificial intelligence as a central growth driver while steering the organization's geographic and operational evolution from a San Francisco-centric model to a global enterprise with its largest workforce in New York.
- Goldman Sachs20 min
Can Markets Withstand AI Risks, Fed Hikes, and Oil Shocks?
Tony Pasquariello, Josh Schiffrin, Dominic Wilson
Dominic and Josh analyze how supply shortages in AI infrastructure and geopolitical tensions in the Middle East are creating a complex investment environment driven by oil market friction and Federal Reserve policy shifts. While the S&P 500 remains near record highs, the duo warns that diverging market performance from lived economic reality, combined with intensifying inflation pressures and a move away from central bank guidance, signals potential volatility ahead. Consequently, they highlight a strategic pivot toward the long end of the yield curve and credit markets, suggesting that concentrated asset exposure is prudent as liquidity is expected to thin in the coming months.
- Goldman Sachs12 min
Are Hedge Funds Still Bullish on AI Stocks?
Vincent Lin, Chris Hussey, Vinny Lin
Following a historic 32% drawdown in high-beta momentum strategies, the market has stabilized as hedge funds reduced semiconductor exposure from record levels while managing a four-fold surge in volatility. Despite the sharp correction driven by heavy selling pressure in technology sectors, equity funds have maintained healthy returns and are currently repositioning near median exposure to capitalize on dipping AI infrastructure valuations. Analysts now advise utilizing limited-loss option structures to navigate upcoming earnings for mega-cap hyperscalers, while monitoring the risk of rising stock correlations that could undermine the current low-correlation alpha opportunities.
- Goldman Sachs19 min
US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth
Recent U.S. economic data reveals unexpectedly resilient job growth and stickier inflation stabilizing near 3%, driven by geopolitical tensions in the Middle East and AI-related price measurement distortions. Goldman Sachs forecasts core PCE inflation to settle around 2.1% with real GDP growth of 2%, prompting expectations that the Federal Reserve will maintain current interest rates through July while shifting its policy stance toward neutralizing inflation regardless of its source. Despite market speculation regarding rate hikes, the primary economic risk remains a potential escalation of the Middle East conflict that could trigger sustained price increases and destabilize financial markets.
- Goldman Sachs18 min
Carlos Cordeiro on the Legacy of the FIFA World Cup 2026
The 2026 FIFA World Cup marks a historic first with 48 teams competing across the United States, Canada, and Mexico, generating projected revenues of $14 billion for FIFA and a $20–25 billion impact on U.S. GDP. Under the strategic leadership of co-chair Carlos Cordero, this joint bid leveraged unified North American governance to secure the tournament and fund development programs that currently sustain one-third of global football federations. While aiming to broadcast to 6 billion viewers and shift international perceptions of the region, the event is designed to catalyze a shift in player development, fostering homegrown talent capable of challenging established football powers.
- Goldman Sachs12 min
How Earnings, Volatility, and AI Capex Are Affecting US Markets
Amid a high earnings bar and $6 trillion in projected AI infrastructure capital demands, the market faces divergent pressures between rising single-stock volatility and muted index fluctuations. Goldman Sachs addresses these tensions by recommending specific trades that exploit anomalous option pricing, such as single-stock collars and highly leveraged downside protection on the S&P 500. These strategies aim to capitalize on compressed index volatility while preparing investors for imminent catalysts including the July PCE inflation print and the Federal Reserve's upcoming FOMC meeting.
- Goldman Sachs9 min
David Solomon Joins CNBC to Discuss 2Q Earnings, the Deal-Making Environment, and AI
Goldman Sachs reported a 39% year-over-year revenue increase and 78% earnings growth, attributing this performance to a "technology super cycle" where AI infrastructure demands have created a capital formation environment with supply constrained by high demand. Management characterized the current market as being in the early stages of a long-term trend, citing the $1 trillion in capex from six major firms and robust capital raising activity from entities like Alphabet as evidence of sustainable growth rather than a bubble. Despite acknowledging potential economic dislocations, the firm expects the U.S. economy to navigate speed bumps effectively while leveraging strong client demand to drive selective deal origination and $20 billion in quarterly revenue across capital markets, M&A, and wealth management.
- 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.