Exchanges

Ryan Hammond, a Goldman Sachs portfolio strategist focused on equity strategy and sector rotation, explains how AI is reshaping markets. He breaks down the sharp derating in software, pressure on advertising and consulting, and why recent LLM rollouts triggered fresh repricing. He also discusses capex surges, funding strains, and how earnings will decide whether current sell-offs prove temporary.

David Craver, Co-CIO of Lone Pine Capital and long-term fundamental investor, talks market structure shifts since the late 1990s and why higher single-stock volatility matters. He explains how passive flows and multi-strat behavior create openings for valuation-focused investors. He outlines Lone Pine’s concentrated, duration-driven research approach and makes the case for AI as a generational infrastructure shift.

Alec Phillips, Goldman Sachs political economist focusing on policy impacts, and David Mericle, Goldman Sachs macro economist tracking income, inflation, and housing. They discuss why housing is the center of affordability worries. They unpack housing supply constraints, mortgage and down payment pressures, consumer perceptions of price pain, and what policy proposals are being considered.

Mauricio Claver-Carone, former U.S. Special Envoy for Latin America and Latin America-focused investor, and Hal Brands, Johns Hopkins global affairs professor and grand-strategy scholar, discuss a more assertive U.S. posture in the Western Hemisphere. They examine drivers of the Donroe Doctrine, competition over resources and influence, implications for China and Russia, regional elections, and investor risks from a shifted U.S. role.

Sharmin Mossavar-Rahmani, Goldman Sachs’ CIO of Wealth Management known for annual outlooks, discusses whether U.S. stocks will lead in 2026. She reviews 2025 performance, lays out regional and earnings expectations for 2026, flags China growth doubts, favors emerging markets ex-China, and weighs risks from AI hype versus public-market concentration.

David Solomon, Chairman and CEO of Goldman Sachs, shares insights on the future of M&A and IPOs while highlighting the U.S.'s structural advantages over Europe and China. He emphasizes the ongoing acceleration of AI investments and its impact on productivity, countering doomsday predictions about job losses. Solomon discusses the firm's strategic advancements and the cultural values driving Goldman, along with the exogenous risks that keep him awake at night, ultimately expressing optimism about technology and market resilience.

In the third and final episode of the Goldman Sachs Exchanges Outlook 2026 series, Goldman Sachs Research’s Peter Oppenheimer, Kamakshya Trivedi, Daan Struyven, and Christian Mueller-Glissmann share the trends shaping assets and portfolio allocation in 2026. Learn more about Goldman Sachs’ outlooks for the year ahead: https://www.goldmansachs.com/insights/outlooks/2026-outlooks This episode was recorded on January 7th and 8th, 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. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this engaging discussion, David Mericle, Chief U.S. economist, reveals how easing tariffs and recent fiscal changes might boost U.S. growth in 2026. Andrew Tilton, Chief Asia-Pacific economist, examines China’s property woes while highlighting manufacturing strengths that keep exports competitive. Jari Stehn, Chief European economist, contrasts Europe’s vulnerabilities with cyclical support, forecasting 1.3% growth. Tune in for insights into monetary policy divergences and the implications for emerging markets!

Join Jan Hatzius, Goldman Sachs' chief economist, and Dominic Wilson, a senior advisor at the Global Markets Research Group, as they delve into the macroeconomic outlook for 2026. They explore the optimistic U.S. growth trajectory aided by tariff relief and fiscal support. The discussion touches on China's dual challenges of export resilience and domestic weakness, along with implications for Europe. The guests also analyze inflation trends, labor market dynamics, and the impact of AI on productivity, predicting a complex yet promising year ahead.

Daan Struyven, Co-head of Global Commodities Research at Goldman Sachs, sheds light on the evolving political landscape in Venezuela and its ramifications for global oil markets. He discusses Maduro's leadership shift and explains why immediate oil disruptions are unlikely. Notably, he delves into the complexities of heavy versus light crude and the critical role U.S. investment could play in revitalizing Venezuelan production. Daan also forecasts potential supply scenarios through 2030 and highlights the geopolitical implications for commodities like gold.