Goldman Sachs Chief Executive David Solomon said on Monday that demand for financing artificial intelligence infrastructure projects has stayed resilient despite recent turmoil in markets as investors weigh the risks tied to the enormous capital being deployed. In an interview with CNBC, Solomon stated that his firm has been "very active" in AI-related capital markets deals in recent weeks and expects that activity to persist. "There's still very strong demand for investments in the AI infrastructure build and the technology around the growth of AI," he told CNBC's Leslie Picker.
Stocks linked to AI, including chipmakers and cloud computing providers, have declined sharply in recent weeks as investors question whether the hundreds of billions of dollars flowing into AI infrastructure will produce adequate returns. The downturn accelerated following elections in which Democrats achieved major victories, prompting concerns that political opposition could hamper industry expansion. Solomon acknowledged that shifts in the political landscape represent one factor that will "create recalibrations and ups and downs," but he remains convinced of AI's long-term economic impact. "I still deeply believe in the long-term trajectory of the power of AI in our economy to drive productivity," Solomon said.
The timing is significant as AI firm Anthropic prepares for a potential initial public offering that could become a major test of how receptive capital markets will be to AI companies. Goldman Sachs is among the banks managing that process. When asked whether the IPO would proceed, Solomon declined to provide specifics but said the market environment remained "still pretty constructive." He also defended data center construction against political criticism, arguing that the facilities are vital to the US economy and can be developed in a responsible manner. "We certainly don't want this infrastructure going to places outside the U.S., which is what will naturally happen because the demand for compute is there," Solomon said.
For investors and savers, Goldman's assessment suggests that financial institutions continue to see long-term opportunity in AI lending and infrastructure deals despite current market volatility and political uncertainty.