Michael Kovac
- Goldman Sachs CEO David Solomon says there is no AI 'bubble.'
- He says AI will revolutionize business productivity.
- Goldman Sachs has launched AI-driven ventures like Louisa AI to transform Wall Street deals.
The top boss at Goldman Sachs doesn't mince words.
When it comes to AI, CEO David Solomon thinks we should prepare for a long-term revolution — not chalk it up to temporary hype on the stock market.
"AI is not a bubble. It's a trend that we're in the early stages of seeing how it affects business productivity," Solomon said on the David Rubenstein Show.
Solomon said Goldman Sachs has been using AI for decades. Yet the latest wave of development has improved the accessibility of large language models and the power and speed of computer chips. These changes will likely "accelerate a change in business processes that's going to be quite significant," he said.
The firm has already launched ventures that could change how Wall Street makes deals. Louisa AI, a startup founded within the firm five years ago, helps bankers and investors analyze millions of articles and employee knowledge to identify deals.
The company has since spun out on its own and has suggested some $800 million in deal values per quarter across several clients, its founder, former Goldman Sachs managing director Rohan Doctor previously told BI.
Goldman Sachs is making other internal changes driven by AI, too. The firm will likely roll out new generative AI tools to its workforce as early as next year.