Goldman Sachs CEO David Solomon, one of the top executives on Wall Street at one of its most storied investment banks, has a take on the artificial investment (AI) bubble. It’s just the same as any other time a lot of capital chased a boom in one sector of the economy. But he insists he’s “not smart enough” to know whether it’s a bubble or not.
What he’s sure about is that “it’s not different this time.”
He added that he’s bracing for markets to come down a bit from a remarkably long-running rally.
“I wouldn’t be surprised if in the next 12-24 months we see a drawdown in equity markets but that shouldn’t be surprising given the run we’ve had,” Solomon said.
Others, like OpenAI CEO Sam Altman, have also seemingly acknowledged the possibility that AI could be in a bubble, but have tried to brush away concerns.
For his part, Solomon said Friday he was interested to see how AI will boost productivity and predicted the “business of work will be transformed by AI globally.”
“We are at the beginning of the movie, not the end of the movie,” Solomon claimed.
