Exchanges

Middle East crude flows have rebounded, but precautionary buying and portfolio hedging are among the factors keeping prices elevated, says Daan Struyven, co-head of Global Commodities Research and head of Oil Research, on the Goldman Sachs Exchanges podcast. Key takeaways: Precautionary physical buying: Physical buyers are bidding up available crude amid growing downside risks to supply. Portfolio...

Chinese exports are surging worldwide—and particularly in emerging markets, says Trina Chen, co-head of Greater China Equity Research. In the Goldman Sachs Exchanges podcast, Chen also explains which sectors face the biggest challenge from growing Chinese competition. Key takeaways: In emerging markets, revenue growth for Chinese companies may be increasing 15-times that of the local market: Goldm...

As liquidity in venture capital declines, the secondary market is increasingly important for investors and companies, says Hans Swildens, partner in Goldman Sachs Asset & Wealth Management, on Goldman Sachs Exchanges: Great Investors. Swildens explains why companies are staying private longer and how artificial intelligence is creating opportunities as well as headwinds for portfolios. In this con...

Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult,...

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 pa...

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...

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 Gol...

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...

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 sh...

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:&nbsp...

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...

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 Wellingto...

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 take...

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 rec...

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...

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&nbsp...

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...

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 cr...

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 repl...

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 a...

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 opinion...

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 Inve...

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...

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 cre...

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 comp...