The head of Goldman Sachs doesn't mince words.
When it comes to AI, CEO David Solomon believes we should prepare for a long-term revolution rather than dismissing it as a stock market hype.
“AI is not a bubble. It's a trend that's in the early stages of figuring out how it will impact business productivity,” Solomon said on the David Rubenstein Show.
Solomon said Goldman Sachs has been using AI for decades, but the latest wave of developments has increased the accessibility of large-scale language models and the power and speed of computer chips. These changes, he said, “will accelerate very significant changes in business processes.”
The firm has already launched a venture that could change the way trading happens on Wall Street: Louisa AI, a startup it founded in-house five years ago, helps bankers and investors identify trades by analyzing millions of articles and the knowledge of its employees.
The firm has since spun out and is proposing roughly $800 million in deals per quarter to multiple clients, Rohan Doctor, the firm's founder and a former Goldman Sachs managing director, previously told BI.
Goldman Sachs is also using AI to reinvent itself internally, with the bank expected to roll out new generative AI tools to employees as early as next year.
