Goldman Sachs restricts some AI coding tools to engineers

At the Global Financial Leaders' Investment Summit in Hong Kong, Goldman Sachs CEO David Solomon and Morgan Stanley CEO Ted Pick praised the potential of artificial intelligence (AI) and its ability to drive long-term productivity and lower costs. Despite the recent sell-offs in AI stocks, the two executives expressed optimism about the technology's future, stating that the ongoing pullback could be a temporary setback.

They highlighted the resilience of the US economy, which has managed to withstand various headwinds such as oil price shocks due to conflicts in the Middle East.

The pair also noted that the US economy is projected to invest between $10 trillion and $15 trillion in AI infrastructure over the next decade, driving real economic growth by 50 to 70 basis points. AI investments are already benefiting small businesses in the US, as the technology reduces the cost of starting a business and accelerates infrastructure development. "These are enormous opportunities," Solomon said.

Goldman Sachs and Morgan Stanley, being in the heart of these developments, aim to act as advisers, financiers, and underwriters for the various components involved in this AI revolution. US corporate earnings have remained resilient, as growth from major technology companies helps offset weaker consumer confidence and continued access to capital markets. Both executives expressed excitement about the world-changing nature of AI and the importance of working with key players in this transformative era.