The CEO of Goldman Sachs is not one to mince words.
CEO David Solomon believes that rather than writing AI off as a passing fad in the stock market, we should get ready for a long-term change.
Artificial Intelligence is not a bubble. Solomon stated on the David Rubenstein Show that this is a trend whose effects on corporate productivity are still being seen.
Goldman Sachs has been utilizing AI for decades, according to Solomon. However, the most recent wave of advancement has enhanced computer chip power and speed as well as the accessibility of large language models. This will probably “accelerate a change in business processes that’s going to be quite significant,” he predicted.
Wall Street’s deal-making process may be altered by the initiatives the firm has already started. A five-year-old startup within the company, Louisa AI, assists bankers and investors in identifying opportunities by analyzing millions of articles and employee expertise.
Since then, the business has taken off on its own and, according to its founder, former managing director of Goldman Sachs Rohan Doctor, has advised over $800 million in deal valuations every quarter across many clients.
AI is also driving more internal changes at Goldman Sachs. It is probable that the company will begin providing new generative artificial intelligence tools to its employees as early as next year.
