AI Exchanges: How tech giants are navigating the AI landscape

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 7 May 2025

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

US tech giants are navigating the rapid evolution of AI by continuing to ramp up capital expenditures, despite the uncertainty of tariff policies, says Eric Sheridan, co-business unit leader of the Technology, Media, and Telecommunications Group at Goldman Sachs Research, on Goldman Sachs Exchanges. Sheridan, joins Allison Nathan, senior strategist at Goldman Sachs Research, and George Lee, co-head of the Goldman Sachs Global Institute, to discuss the implications for investors. This podcast was recorded on May 2, 2025. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Goldman Sachs Exchanges. I'm Alison Nathan and I'm here with George Lee, who is the co-head of the Goldman Sachs Global Institute.
0:07.7	Together we're co-hosting a series of episodes exploring the rise of AI and everything it could mean for companies, investors, and economies.
0:15.6	George, good to see you again. Good to see you, Allison. So, George, I'm eager to continue this conversation with you. I think this is our third conversation.
0:22.6	It's our third.
0:23.6	The first two have been great.
0:24.6	I'm very much looking forward to this one as well.
0:26.6	So, George, today we're going to discuss what the rise of AI could mean for U.S. tech
0:32.6	giants and how investors are thinking about AI right now.
0:35.6	But let me get your view first.
0:37.9	Where do you see these tech giants fitting into the AI story right now?
0:42.5	Well, I think it's important to note the time and date of our recording here.
0:45.9	It's the afternoon of May 2nd.
0:47.7	This has been sort of a momentous week.
0:49.2	Many of the large technology companies have reported earnings, done earnings conference calls,
0:53.2	and three themes emerged
0:54.8	to me. One is that these big companies remain very committed to their capital spend, at least through
0:59.7	the rest of 2025 to support AI workloads. Second, that they remain largely supply constrained in their
1:06.1	ability to meet customer needs. And then third, Andy Jassy, the CEO of Amazon, made an interesting comment that
1:12.4	really landed with me, where someone asked him, what inning are we in in this whole thing? And he said,
1:17.2	we are first batter, second strike of the first inning. And so as a commentary on the novelty of
1:24.8	this wave, the number of the amount of territory ahead of us. I thought it was both
1:28.0	amusing and important. Okay. Interesting. All right. Eric, let's turn to you. Here with us to discuss
	...

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