Goldman Sachs CEO David Solomon publicly pushed back on Wall Street's growing doubts about the AI boom, saying financing demand for AI infrastructure "remains strong" even as tech stocks sold off. 🏦

What he said

Speaking to CNBC on Monday, November 9, Solomon said his firm has been "very active" in AI capital markets deals in recent weeks and expects that pace to continue. "There's still very strong demand for investments in the AI infrastructure build and the technology around the growth of AI," he said . He acknowledged that political shifts will "create recalibrations and ups and downs," but added he still "deeply believe[s] in the long-term trajectory of the power of AI in our economy to drive productivity" .

Why it matters now

His comments came amid a sharp selloff in AI-related stocks — chipmakers and neocloud providers — as investors question whether the hundreds of billions being poured into AI infrastructure will generate adequate returns. The decline began before the U.S. midterm elections and intensified after Democratic victories raised concerns that political opposition could slow data center construction . Solomon also pushed back on resistance to data center building, arguing the infrastructure is essential to the U.S. economy and can be built responsibly .

The Anthropic angle

The shifting sentiment arrives as AI lab Anthropic prepares for a potential IPO — a listing Goldman is helping lead and one that could test public-market appetite for AI companies. Solomon declined to comment in detail but called the market environment "still pretty constructive" .

The counterpoint

Not everyone shares the optimism. Solomon himself has questioned the eventual scale of the buildout, saying in an October 27 podcast that "whether we're going to spend $5 trillion... or $10 trillion... I don't think anybody really knows" . Analysts also warn that data centers take years to build while computing hardware can lose commercial value much sooner — meaning today's infrastructure bets could be overtaken before they pay off .

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