Goldman Sachs CEO David Solomon told CNBC on Monday that demand for financing for artificial intelligence infrastructure remains strong despite recent market concerns, as investors reassess the risks of massive construction.
Solomon said his firm has been “very active” in AI capital markets trading in recent weeks, a setup he hopes to continue.
“There is still very strong demand for investment in building AI infrastructure and in the technology around the growth of AI,” Solomon told CNBC’s Leslie Picker.
Changes in the political environment are among the factors that “will create recalibrations, ups and downs, and we’re seeing some of that,” Solomon said. “But I still believe deeply in the long-term power of AI in our economy to boost productivity.”
AI-related stocks, including chipmakers and neocloud providers, have fallen in recent weeks as investors reassess whether the hundreds of billions of dollars invested in AI infrastructure will generate good returns.
The selloff, which began ahead of the U.S. midterm elections, intensified after Democrats won resounding victories on Tuesday, raising fears that political opposition could slow the sector’s expansion.
The shift in sentiment comes at a key time for AI model lab Anthropic, which is preparing for a potential IPO that could become one of the biggest tests yet of the public market’s appetite for AI companies. Goldman is among the banks leading this IPO process.
“We’ll obviously see how this all plays out if this IPO goes ahead,” Solomon said, declining to comment in detail on the IPO. “I would say the market environment is still quite constructive.”
Salomon also opposed political resistance to building data centers, arguing that infrastructure is essential to the U.S. economy and can be built responsibly.
“We certainly don’t want this infrastructure to be located outside of the United States, which will happen naturally because the demand for compute is there,” Solomon said.
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