Exchanges
In each episode of "Exchanges," people from the firm share their insights on developments shaping industries, markets and the global economy.
Why Markets May Be Pricing in Too Many Fed Rate Hikes
Markets may be pricing in more tightening by the Federal Reserve than is warranted due to a divergence playing out in the economy, according to Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan. In the Goldman Sachs Exchanges podcast, Kaplan notes that while artificial intelligence (AI) infrastructure and defense spending are continuing to boom, interest-rate sensitive parts of the economy, such as housing and autos, are already straining under higher rates. Taken together, these crosscurrents are creating a more muted response from the Fed.
Key takeaways:
The Fed may still hike, but not muc...Rich Friedman on the Rise of Private Markets and AI Investing
Rich Friedman, chairman of Goldman Sachs Asset Management, says there are still plenty of investment opportunities in private equity, even as private markets have grown far larger than he would have imagined a few decades ago. In this conversation with Alison Mass, chairman of Investment Banking in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges: Great Investors, he explains why he expects the payoff in artificial intelligence to arrive later than the market assumes, and how the discipline he used to build the firm's merchant banking business over 45 years shapes where he is investing now. This episode was recorde...
Why Global Bond Yields Are Surging
Government bond yields have surged to multi-decade highs across the US, UK, Germany, and Japan. George Cole, head of European Rates Strategy for Goldman Sachs Research, says there is a range of factors behind the bond sell-off—from swelling fiscal deficits and borrowing tied to investment in artificial intelligence (AI) to resilient economic growth and an energy-price shock. In this episode of Goldman Sachs Exchanges, he also explains what could bring yields back down.
Key takeaways:
Low volatility signals a fundamental move: While global yields have been climbing, bond market volatility has been notably low. Cole says...How Will Less Fed Transparency Affect Markets and the Economy?
Federal Reserve Chairman Kevin Warsh has steered the central bank into an era of less transparency. Former Fed governors Donald Kohn and Stephen Miran, as well as Goldman Sachs Chief Economist and Head of Goldman Sachs Research Jan Hatzius, discuss on the Goldman Sachs Exchanges podcast the merits of Fed communication and how it affects financial markets. The episode is based on the latest Top of Mind report.
Key takeaways:
Kohn says there is a “golden mean” in which financial markets have some information from the Fed, such as a narrative that helps investors process incoming data...Dipan Patel on Permira’s ‘Artisanal’ Approach to Private Equity
Dipan Patel, co-CEO of Permira, joins Goldman Sachs Exchanges: Great Investors to discuss how Permira’s sector-specialized investment approach and private partnership structure differs from firms which have grown through platform scale and breadth. He also discusses Permira’s strategy for transforming portfolio companies and what has made those assets attractive to strategic buyers, and he shares how Permira assesses technology risk in its portfolio.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The m...
The Outlook for Data Center Power Demand as AI Token Use Grows
Global data center power demand could rise 170% by 2030 from 2025 levels according to Goldman Sachs Research’s Brian Singer and Carly Davenport. They joined hosts Allison Nathan and George Lee on the Goldman Sachs Exchanges podcast to discuss how data centers will source that power, the key bottlenecks, and the impact of growing pushback from some local communities.
Key takeaways:
The rise in power demand from AI more broadly is forecast to be the equivalent of adding another Japan to the world’s power consumption by 2030 compared to the start of 2024. Goldman Sachs Research sees seven key binding co...Building AI Systems for Capital Markets
Key takeaways:
The "demo versus product" gap: An AI demo is judged on its best day, but an institutional-grade product is judged on its worst. Building reliable financial tools requires rigorous, auditable grounding frameworks to avoid hallucinations and ensure every output can be traced back to a verified source. Don't bet against the model: Developers should avoid wasting resources on complex workarounds for temporary constraints on models that are evolving rapidly. Instead, they should focus on elements that models cannot natively learn: details specific to the firm, such as proprietary data or how data sets are connected to each...Wellington’s Jean Hynes on the Art of Investing and Finding New Markets
Jean Hynes, CEO of Wellington Management, has more than 35 years of experience at the firm. But she spends most of her time looking ahead, trying to envision what the world might look like in a decade and building portfolios around nascent opportunities. In an interview with Goldman Sachs’ Alison Mass on the Great Investors podcast, Hynes discusses innovation in the biopharma sector, how Wellington is using AI, and her path to the C-Suite.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the inst...
What the US-Japan Currency Intervention Means for the Yen, Rates, and the Dollar
The US and Japan coordinated on the biggest currency market intervention in 15 years, helping to stabilize a weakening yen. Karen Fishman, senior FX strategist in Goldman Sachs Research, and Praneet Shah, global head of FX options trading in Global Banking & Markets, discuss why the US joined the action, why the yen still appears undervalued, and whether another intervention might follow.
Key takeaways:
The scale of Japan’s intervention was historic, but the US role was symbolic. Japan's operation, estimated to be worth up to $85 billion over July 30 and July 31, was its largest two-day intervention on record outsi...Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities
Goldman Sachs President John Waldron speaks with Steven Tananbaum, CIO of GoldenTree Asset Management, about how GoldenTree became a credit-focused asset manager overseeing $70 billion. They discuss how credit markets have evolved during Tananbaum’s career, his framework for analyzing investments, and how financing for artificial intelligence is affecting credit markets.
This episode was recorded on July 23, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational pur...
How AI Debt Is Reshaping Credit Markets
Credit markets are playing a growing role in the buildout of artificial intelligence, with nearly $500 billion of AI-related debt issuance so far in 2026, according to estimates from Goldman Sachs Research. Amanda Lynam, head of credit strategy research, and Zach Ablon, head of the credit sales desk in Global Banking & Markets, discuss why cash-rich tech giants are turning to bond markets, the potential risks for institutional investors, and how alternative financing channels—including private credit, infrastructure funds, and high-yield markets—are being used to fill the funding gap.
This episode was recorded on Monday, August 3, 2026.
The opinions and views expressed...
What the Surge in IPOs Means for Investors
US IPO issuance has surged to a record high in 2026. But this resurgence raises two concerns for the equity market: whether it is flashing a late-cycle warning sign and whether the market can digest so much new issuance. Jay Ritter of The IPO Initiative and Owen Lamont of Acadian Asset Management discuss whether the IPO surge is a red flag for markets. This episode explores the latest Top of Mind report.
This episode was recorded on July 8, 15, and 23, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may n...
US Midyear Outlook: Geopolitical Shocks, the New Fed Era, and Growth
As a newly installed chairman takes the helm of the Federal Reserve, US monetary policy remains uncertain amid a soft inflation print and escalating tensions in the Middle East. David Mericle, chief US economist in Goldman Sachs Research, forecasts the Fed to keep interest rates unchanged this year before cutting its policy rate in 2027. He also unpacks the factors driving US inflation, highlights the surprising resilience of the US labor market, and explains why he expects US GDP to expand around 2% this year.
Recorded on July 20, 2026.
The opinions and views expressed herein are as of the date of publication, subject to cha...
The Growth of the Space Industry
Falling launch costs, innovations, and AI are fuelling a space economy that could reach $1 trillion by the 2040s, according to Michael Tarulli and Erik Sparks in Goldman Sachs Investment Banking. The key driver: launch costs have plunged sharply, opening up access to space and enabling new frontiers of commercial activity. The shift is creating new potential opportunities as well as risks for investors. To learn more about the impact of AI on space, satellites, and other industrial sectors, read Harnessing AI for the Real Economy.
Recorded on July 7, 2026.
The opinions and views expressed herein are as of the date of pu...
Ken Griffin on US-China Tensions and AI
Ken Griffin, the founder and CEO of Citadel, expects agentic artificial intelligence (AI) to enable a “golden age” of entrepreneurship and eliminate some corporate moats, even as the cost of using AI creates a deep moat around other companies. And while some jobs may be replaced by technology, Griffin says he has found that productivity increases from AI have, instead of reducing headcount, allowed his company to pursue new opportunities.
Griffin shares his views on geopolitical tensions between the US and China, the need for domestic data center construction in the US, and a range of other factors rippling through global markets in this episode of ...
How Will AI Affect Jobs?
Rapid improvements in AI capabilities and growing corporate adoption have led to predictions that the technology could spark large-scale job losses before the end of the decade. Do these concerns have merit? MIT’s Daron Acemoglu and Neil Thompson, and Goldman Sachs Research economist Joseph Briggs discuss with host Allison Nathan. This episode explores the latest Top of Mind report.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational...
What the IPO Boom Tells Us
IPO activity has been on the rise in 2026. What does that tell us about investor sentiment, and what impact could the IPO boom have on US equities going forward? Ben Snider, chief US equity strategist in Goldman Sachs Research, shares his views on whether the rise in public offerings is a sign of market strength or a warning that the market is at its peak.
Recorded on June 22, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs o...
Maverick Capital Co-CIOs on Finding the AI Winners
Ben Silver and David Tykocinski, co-CIOs of Maverick Capital, say their investment strategy has, in some respects, been the same for three decades: Rather than trying to time the market, the firm aims to drive performance by taking a long-term view, partnering with management teams, and doing deep diligence on its investments. In an interview with Goldman Sachs’ Tony Pasquariello on the Great Investors podcast, they discuss the investment opportunities in AI and healthcare as well as their complementary skills in a shared role.
This episode was recorded on June 4th, 2026.
The opinions and views expressed herei...
How the US-Iran Deal Could Affect Oil Prices
Oil prices are expected to fall further following news that the US and Iran agreed to end hostilities and reopen the Strait of Hormuz. But oil is unlikely to return to pre-war levels for some time, according to Goldman Sachs Research's Daan Struyven, co-head of global commodities research and head of oil research. Struyven says that oil is still at risk of rising because of lingering effects from the conflict, persistently low inventory levels, and the possibility that the Strait of Hormuz never fully reopens. Goldman Sachs Research projects Brent oil will average $75 per barrel next year, down from about $80...
Private Markets at an Inflection Point
Private markets have stalled since interest rates started to rise in 2022, even as public markets have climbed to new highs. But a period of sustained economic growth along with rising liquidity and AI-driven innovation could help private markets rebound, according to Goldman Sachs' Pete Lyon and Michael Brandmeyer. Despite longer private equity holding times and mixed performance from private credit funds, they remain cautiously optimistic, projecting that distributions will gradually return to 15%-20% and that deal activity could exceed its 2021 peak within two to three years.
This episode was recorded on May 26, 2026.
The opinions and...
The AI Investment Boom: When Will It Pay Off?
The economics of artificial intelligence are more questionable today than two years ago, says Goldman Sachs Research's Jim Covello, as enterprise buyers, model companies, and hyperscalers have yet to show returns on their spend. In a conversation with Alison Nathan and George Lee on Goldman Sachs Exchanges, Covello discusses where we've seen economic value accrue to date and why semiconductor companies can't continue to be the sole beneficiaries of the AI buildout.
This episode was recorded on May 26, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without...
‘Complexity is Our Friend’: James Brocklebank on Advent's Private Equity Strategy
Advent Co-Chair James Brocklebank explains why complex markets can create opportunities for private equity investors.
This episode was recorded on April 21st, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products...
Can the Asia Equity Rally Continue?
The equity story across Asia has split into two very different paths this year, with North Asian markets pulling ahead on the strength of the artificial intelligence trade while remaining more insulated from the energy supply shock tied to the Middle East. Goldman Sachs Research's Tim Moe explains what is driving the divergence, why he sees the semiconductor memory cycle lasting three to five years, and what could determine whether North Asia's outperformance continues.
This episode was recorded on May 19, 2026.
The opinions and views expressed herein are as of the date of publication, subject to...
Innovation and Inflation: Twin Forces Reshaping Portfolios
Technology stocks have staged a formidable rally, elevating innovation from a thematic tilt to a core portfolio driver. Yet this tailwind arrives alongside a recurring challenge — an inflationary environment in which traditional fixed-income hedges have fallen short. Together, these forces are pushing asset allocators toward a fundamental rethink of portfolio construction, as Goldman Sachs' Christian Mueller-Glissmann and Alexandra Wilson-Elizondo discuss on Goldman Sachs Exchanges.
Date of recording: May 7, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Gol...
Pressures in Private Credit
After over a decade of rapid growth and relative calm, the private credit market has come under pressure as several high-profile defaults, concerns about valuations, and exposure to a software industry vulnerable to AI disruption have fueled a surge in redemption requests. In this episode, Howard Marks, co-founder and co-chairman of Oaktree Capital Management, Michael Arougheti, co-founder and CEO of Ares Management, and Amanda Lynam, chief credit strategist in Goldman Sachs Research, discuss the recent private credit stresses and the longer-term outlook for the asset class with host Allison Nathan. This episode explores the latest Top of Mind report.
Will AI Make Markets Less Efficient?
How is AI changing investment strategies? In this episode, Osman Ali, global co-head of Quantitative Investment Strategies in Goldman Sachs Asset Management, explains the impact that AI is having in the quantitative investment space.
To learn more , visit the artificial intelligence insights page on GS.com.
This episode was recorded on May 1, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only...
How Warsh Could Shape Fed Policy
How will President Trump’s nominee for the Federal Reserve, Kevin Warsh, shape monetary policy if confirmed as Fed chair? Goldman Sachs’ Rob Kaplan, vice chairman and the former president of the Dallas Fed, shares views on Warsh’s potential approach to monetary policy, the balance sheet, and communications.
This episode was recorded on April 27, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only...
Farallon Capital's Nicolas Giauque on Investing for the Long Term
Managing Partner and CIO Nicolas Giauque of Farallon Capital—a multi-strategy firm founded 40 years ago—talks about the investing opportunities he sees today and his view of the current market environment.
This episode was recorded on April 9, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular acti...
Apollo's Jim Zelter on the Future of Private Credit
Apollo Global Management President Jim Zelter talks about the unprecedented surge in capital expenditures, the future of private credit, and where he’s seeing investment opportunities around the world.
This episode was recorded on March 11, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an...
Why Aren’t Investors More Worried?
Goldman Sachs Research’s Dominic Wilson discusses the impact of the Iran conflict—including the US blockade of the Strait of Hormuz—on global markets. In discussion with Exchanges Host Allison Nathan, he explores the market reactions, risks, and the outlook for equities, rates, currencies, and portfolio positioning amid the ongoing geopolitical uncertainty.
This episode was recorded on April 13, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intend...
Natural Gas in Focus: Iran Conflict Could Have ‘Very Painful’ Consequences
While oil dominates headlines amid the Iran conflict, an equally unsettling story is playing out in natural gas markets that may pose an even greater threat. In this episode of Goldman Sachs Exchanges, Samantha Dart, co-head of Global Commodities Research, explains why the length of the Iran conflict could have a significant impact on natural gas prices. This episode was recorded on April 6th, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or i...
AI Exchanges: Power Problems?
As the demand for AI-powered data centers continues to grow, Goldman Sachs Research’s Brian Singer explains the potential sources—and constraints—of power demand growth.
This episode was recorded on March 3rd, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or soli...
The Business Builder: New Mountain Capital's Steve Klinsky
Steve Klinsky, founder and CEO of New Mountain Capital, joins Goldman Sachs’ Alison Mass to discuss the macro landscape, his approach to building businesses, the evolution of the private equity industry.
This episode was recorded on February 18, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular ac...
Iran Conflict: How Long, and How Bad?
The Iran conflict has triggered the largest energy supply disruption in history with shipping traffic in the Strait of Hormuz nearly at a standstill and regional energy infrastructure under fire. In this episode, Chatham House’s Sanam Vakil, long-time US Middle East advisor Dennis Ross, and Vice Admiral Kevin Donegan, USN (ret), discuss how long this conflict could last, what’s at stake for the key players, and what it will take to restore global energy flows. This episode explores the latest Top of Mind report.
This episode was recorded on March 16, 17, and 25, 2026.
The opinions and...
Private Credit Concerns in Context
Goldman Sachs’ Alex Blostein and Vivek Bantwal discuss the market sentiment, fundamentals, and the outlook for the private credit sector.
This episode was recorded on March 19th and 20th.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or...
Lloyd Blankfein on His Memoir Streetwise, Risk Management and Leadership
Goldman Sachs’ culture has long been defined by its core values: partnership, client service, integrity, and excellence. Lloyd Blankfein, Senior Chairman of The Goldman Sachs Group Inc. and former Chairman and CEO of Goldman Sachs, joins David Solomon, current Chairman and CEO of Goldman Sachs for a conversation on his storied career and the launch of his memoir, Streetwise: Getting to and Through Goldman Sachs. Lloyd reflects on his upbringing in Brooklyn, path to Harvard, long-time leadership at Goldman Sachs, the evolution of the firm’s partnership culture, and the critical risk management lessons learned while steering the firm thro...
Emerging Markets: Stirred, But Not Yet Shaken
Goldman Sachs Research’s Kamakshya Trivedi analyzes the market’s reaction to the conflict in Iran and the case for emerging markets.
This episode was recorded on March 12, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell...
Goldman Sachs International’s Co-CEOs on Europe’s Opportunity, AI, and Market Volatility
Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah discuss CEO sentiment, market volatility, and the case for Europe.
This episode was recorded on March 12, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities...
Can Software Survive AI?
Goldman Sachs Research’s Gabriela Borges explains how AI disruption has been affecting the software sector and what it will take for the sector to stabilize. For more, also read the related Goldman Sachs Research’s Top of Mind report, Will AI eat software?
This episode was recorded on March 10, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute inve...
Oil Market Impacts from Iran
Goldman Sachs Research’s Daan Struyven, co-head of Global Commodities Research and Head of Oil Research, discusses how the strikes in Iran could affect the oil market, commodities, and energy prices.
This episode was recorded on March 2nd, 2026.
The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any pa...
