Speaker · Updated
David Solomon: latest market views
Goldman Sachs
Summary
David Solomon is chairman and CEO of Goldman Sachs, having led the bank as CEO since 2018 and as chairman since 2019, after rising through its investment banking and financing businesses.
Chorus has 13 views from David Solomon across 2 episodes on Bloomberg Talks and Goldman Sachs Exchanges since October 27, 2026.
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Newest first. Every quote is checked against the episode's transcript.
AI infrastructure & data centers
AI infrastructure spending will not rise in a straight line; expect stops, starts and recalibrations.
Solomon cautions that the market expects AI infrastructure spending to be constant in a straight line, but every other technology super cycle has been non-linear, with calibrations and stops and starts. He adds that new technologies and evolutions could change the trajectory of the build-out, and that it is very hard to know how much will ultimately be spent building infrastructure worldwide.
“there's an expectation that it's gonna be constant in a straight line. And if you look at any other technology super cycle, it's never constant. There are calibrations. There are stops and starts.”at 3:29
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
AI infrastructure & data centers
Compute demand far exceeds supply; robust financing will come over the next 12-24 months.
Solomon argues that the demand for compute right now far exceeds supply, which is why he expects robust financing to meet that demand over the next twelve to twenty-four months. He calls the moment a super exciting time for AI infrastructure build-out but says it will not go without bumps. His evidence is the current gap between compute demand and supply that Goldman is financing.
“...the demand for compute right now far exceeds the supply. And certainly in the next twelve to twenty four months, there's gonna be robust financing, you know, to meet some of that demand.”at 3:51
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
Five to ten years out, AI should drive significant productivity gains across the economy, despite bumps.
Solomon says that stepping back five to ten years, he is very excited about how AI can be deployed in the economy and drive productivity gains that can be very fruitful. He acknowledges he cannot say the build-out will go without bumps in the coming years. He also says that the application layer will be built over the next decade or two, leaving room for substantial upside for investors.
“But I can say when you step back and you look kind of five, ten years from now, I'm very excited about how this technology can get deployed in the economy and really drive productivity gains that can be really, really fruitful.”at 4:10
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
AI infrastructure & data centers
Capital is not the constraint on mega AI deals; higher rates and government debt raise cost, not availability.
Solomon says the constraint on how large AI financing deals can get is not the amount of capital in the world. He points to public equity market capitalization of about $160 trillion, and says investors are still looking to participate, with debt investors demanding higher returns when markets get more challenging and equity investors taking risk for upside. He concedes that higher rates and governments issuing more debt make capital competitive, which affects cost of the financing rather than its availability.
“I think the constraint is not the amount of capital in the world and the size of these deals on a relative basis.”at 5:09
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
Regulation allowing deals at scale is driving broad consolidation and M&A activity in the US and Europe.
Solomon argues that M&A activity around the world, particularly in the US and Europe, is more shaped by a regulatory environment that permits deals at scale. He says everyone recognizes the importance of scale in almost any industry, which is leading to broader consolidation across industries and more M&A. He says Goldman has benefited from being in the middle of that given its leading M&A franchise.
“when you look at M and A activity around the world, particularly in The US and Europe, it's more shaped by a regulatory environment that's allowing deals at scale.”at 7:49
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
AI needs governance: government sets rules, builders and deployers are accountable for their use.
Solomon's op-ed proposes three principles for AI governance: government sets rules of the road, the people who make the technology act responsibly, and enterprises that deploy it are accountable for how it is used. He cites Goldman's roughly twenty years of AI trading platforms, with no platform losing hundreds of millions of dollars, as evidence that accountable deployment works. He argues this mirrors the financial-system model built since the financial crisis, and that humans must remain accountable even as models act without oversight.
“The first is government has to set some rules of the road. The second is the people that make the technology have to be responsible and thoughtful about what they make and how they sell it into the market.”at 11:32
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
Open-weight models will proliferate across many sources and bring AI costs down.
Solomon expects a big role for open-weight models, which will proliferate from many different places and bring costs down. He says Goldman still needs frontier models for certain uses, particularly cyber, but many productivity and process tasks do not require the frontier. So he says Goldman does not have to be first to deploy open-weight models, given the high governance standard it is held to.
“there's gonna be a big role for open weight models in the world... open weight models, and I think they will proliferate from lots of different places, will bring costs down.”at 14:50
Bloomberg Talks: Goldman Sachs CEO David Solomon Talks ‘Very Robust’ Demand for AI Deals ·
AI needs rules and clear accountability across government, model builders and deploying businesses, not a binary choice.
Solomon argues the AI debate is wrongly framed as either fast innovation with no guardrails or heavy restrictions that slow progress. He says innovation and guardrails can coexist, and that a structure of accountability is needed for deploying the technology. He splits responsibility three ways: government sets rules of the road; model and infrastructure developers must take responsibility that their systems work and do no harm; and businesses that embed AI in their products must answer for how it is deployed. He says the third layer gets too little attention. As evidence, he cites Goldman Sachs using AI-type models in trading platforms for almost twenty years, with a human accountable for every platform. He argues large financial institutions' risk, control, audit and testing practices can inform AI governance, while noting that other businesses must learn these controls as a new discipline.
“government needs to play a role and set some rules of the road. The people that are developing these models ... have to take responsibility for what they're building and that it works and that it doesn't do harm.”at 2:34
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
AI automates tasks but mainly makes skilled workers more productive; new jobs should emerge over a decade or two.
Solomon accepts that AI will disrupt and automate work, and the open question is the pace. He argues the US economy is dynamic, creating and destroying about 30 million jobs a year and generating a net gain of about a million, with many jobs coming from small businesses. He says AI mostly makes smart people more productive rather than eliminating their roles, so white-collar work changes rather than disappears. He points to his own early career and to Goldman's analysts today, who do different work and are far more productive without being fewer in number. He expects new jobs to offset losses over the next decade or two. He flags a near-term risk: if the pace of change is fast, the gap between jobs lost and jobs created could widen, and policy action may be needed to soften the disruption.
“a lot of what this technology does is it makes smart people more productive. So when people talk about white collar jobs, just because the technology makes them more productive, it doesn't mean the job goes away.”at 7:20
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
Enterprise AI adoption & AI software
Falling AI costs make starting businesses cheaper, so small businesses need AI training to adopt the tools.
Solomon argues small businesses matter greatly to the economy. They are about 99% of US companies by count and drive 60% to 65% of annual US job creation. He says AI lowers the expense of building a business or platform, which gives more entrepreneurs the chance to start one. Those businesses still need coaching, education and experience deploying technology, even when small. To meet that need, Goldman committed $500 million to a Small Business AI Institute with leading AI labs. It extends a 17-year small business program that has served about 20,000 companies, adding AI training and more capital for participants.
“There's an expense to building a business, building a platform, setting it up. That expense is going down with this technology, so that gives more entrepreneurs the opportunity to start businesses.”at 12:28
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
Not concerned about AI's long-term durability; the impact will take decades, with recent volatility being noise.
Asked whether recent market volatility around AI threatens its durability, Solomon says that with a long-term view he is not concerned. He expects AI to be a very important technology deployed across a large application layer in business, enterprise and government. He also says it will take ten, twenty or thirty years to fully appreciate its impact, so near-term market swings should be read against that timeline. He is confident the medium- and longer-term benefits will be substantial, while expecting the path to be uneven.
“With a long term view, I'm not concerned about its durability and sustainability. I think this is gonna be a very important technology that is going to be deployed in an enormous application layer in businesses and enterprise and government”at 13:39
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
AI infrastructure & data centers
Compute demand currently exceeds supply, but the size of the buildout is unknown and will be uneven.
Solomon says there is more demand for compute today than there is compute, and an expectation of a very large buildout. He argues nobody really knows whether the total spend will be $5 trillion, $10 trillion or more. He expects the buildout to be a journey with accelerations and pullbacks, not a straight line. He argues investors are trying to judge the pace of development and where the best opportunities lie, which drives volatility. He says markets will likely recalibrate at some point as participants reassess how much compute demand there will be, how fast it grows, what infrastructure is needed, and how faster, cheaper chips change data center requirements.
“there's more demand for compute right now than there is compute, and there is an expectation of a very significant build out. Whether or not the build out is gonna be as significant as some people are saying ... don't think anybody really knows. It will be a journey. It won't be a straight line.”at 14:01
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
AI infrastructure & data centers
Rising capital costs and interest rates are pressuring AI business models and reshaping investor views.
Solomon ties recent market volatility around AI partly to financing conditions. He gives two mechanisms. First, lots of capital flowing into AI creates competition for that capital, which pushes up its cost. Second, interest rates rose quite a bit over the summer for other reasons. He says both changes shift investors' views and put pressure on some AI business models, so the financing environment is a factor in how the AI build-out is priced.
“Certainly as the cost of capital goes up, it changes people's views ... interest rates have gone up quite a bit this summer for other reasons, and those things push at some of these business models”at 14:35
Goldman Sachs Exchanges: Goldman Sachs Chairman and CEO David Solomon on AI: Implementation, Accountability, and Jobs ·
Shows
- Bloomberg Talks · 1 episode
- Goldman Sachs Exchanges · 1 episode
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