Goldman Sachs CEO Solomon Backs AI Infrastructure Buildout as GS Shares Rise 5% in Broad Market Surge

Goldman Sachs CEO David Solomon used an exclusive CNBC interview at the firm's Alternatives Summit on November 9 to express strong confidence that investment in U.S. data centers and AI computing capacity will continue at scale, even as AI-related stocks have sold off sharply in recent sessions. Speaking with CNBC's Leslie Picker, Solomon said he remains optimistic that a significant amount of capital will flow into AI infrastructure, reinforcing a view held broadly among major Wall Street executives that AI-driven capital expenditure is a durable source of deal flow and financing demand. When asked about Nvidia CEO Jensen Huang amid an independent board probe over a reported affair, Solomon said he thinks highly of Huang and that Nvidia will continue to be a great and important American company regardless of how the situation unfolds, adding that the broader AI ecosystem is not centered around any one individual.

Goldman's investment research arm echoed that bullish posture on AI throughout the day. Analyst James Schneider reiterated a Buy rating on Nvidia with a $300 price target, calling the stock's risk-reward attractive after the recent selloff, with shares trading at roughly 11 times projected 2027 earnings and near-term fundamentals expected to exceed Wall Street consensus. Separately, Goldman flagged that European equities may paradoxically be larger beneficiaries of the AI productivity revolution than U.S. counterparts, precisely because rigid labor markets and overregulation in Europe leave more room for cost-cutting gains.

On fixed income, Goldman said the pieces are in place for a shift in Treasury yields and global 10-year rates, while a separate note argued that the global bond rout is largely exhausted even though yields have not yet peaked. Goldman also quantified the scale of off-balance-sheet AI financing commitments, counting $685 billion coming due by 2027 across the sector, describing such arrangements as an additional use of cash that markets have not fully priced.

Goldman submitted a below-consensus October CPI forecast ahead of Tuesday's release, projecting headline inflation of 0.21% month-over-month and core of just 0.16%, the lowest estimate among major banks surveyed. Goldman shares rose 5% on the day, contributing alongside Caterpillar to a 1,285-point surge in the Dow Jones Industrial Average. Goldman is also serving as a lead underwriter on Anthropic's planned Nasdaq IPO, with the AI company targeting a valuation of $1 trillion to $1.5 trillion and a roadshow set to begin November 10.