AI Exchanges: The Role of Data

Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 30 September 2025

⏱️ 17 minutes

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Summary

Goldman Sachs’ Neema Raphael, the firm’s chief data officer and head of data engineering, discusses the role of data in enabling or possibly stalling AI’s progress with George Lee, co-head of the Goldman Sachs Global Institute, and Allison Nathan, senior strategist in Goldman Sachs Research. This episode was recorded on September 25, 2025. 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. © 2025 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Goldman Sachs Exchanges.
0:07.1	I'm Alison Nathan, and I'm here with George Lee, the co-head of the Goldman Sachs Global Institute.
0:12.0	Together, we're hosting a series of episodes exploring the rise of AI and everything it could mean for companies, investors, and economies.
0:23.1	George, good to see you again.
0:24.1	Great to see you.
0:25.1	Alison, good to be here.
0:26.1	So George, we've had several conversations about how AI is shaping the economic and business landscape.
0:32.6	But today we want to actually get a little bit more under the hood and talk about the technology itself,
0:38.5	and in particular, the role that data will play in enabling or possibly stalling its progress.
0:45.4	We have a terrific guest to dive into these issues with us, Nima Raphael, the chief data officer
0:50.2	and head of data engineering here at Goldman Sachs. Nima, welcome to AI exchanges.
0:55.0	Thanks for having me, excited to be here.
0:57.0	So before we dig into the topic at hand, first just tell us a little bit about how you got here,
1:03.0	your career journey, and what your current role here at Goldman Sachs entails.
1:07.0	Yeah, this is 20 plus years for me at Goldman.
1:10.0	I started right out of college, studied computer science, and during that I sort of realized that I wanted to apply technology to a domain that I had not known before. And so really, the finance was sort of like this black box to me. I came to Goldman, amazing people, started as an analyst here,
1:28.4	software engineering, typing at the keyboard, writing code.
1:32.1	And then really, the data thing came, I'd say,
1:36.9	five years in global financial crisis, 2008, Lehman Brothers
1:42.2	collapses, and a group of technologists called CoreStrats at the time
1:47.7	was going around the firm saying, hey, you know, we have to figure out what our exposure
1:53.2	to Lehman is, we have to figure out our liquidity profile, see what's going on at Goldman.
	...

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