{
  "id": 16193774,
  "title": "Goldman Sachs CEO David Solomon on AI’s economic impact: ‘There’s very little that we do where we need frontier models’",
  "url": "https://urgent.news/2026/10/23/goldman-sachs-ceo-david-solomon-on-ais-economic-impact-theres-very",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-23T12:51:07.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/23/david-solomon-frontier-models-not-needed-small-business/"
  },
  "original_language": "en",
  "account": "Goldman Sachs CEO David Solomon unveiled a $500 million investment into artificial intelligence during a recent event at the bank's headquarters in lower Manhattan. Solomon stated that most of the economy does not require the most advanced AI models, also known as frontier models. He explained that frontier models are crucial in areas like cybersecurity, defense, and healthcare, such as drug discovery and molecule formation.\n\nSolomon's announcement was part of a broader $500 million initiative to bolster Goldman's 10,000 Small Businesses program. The program provides education, access to capital, and support services for small businesses, with nearly 20,000 entrepreneurs having completed the program since its inception in 2010.\n\nSolomon urged small business owners not to rush into adopting AI, emphasizing that it's an expensive technology and not a necessity for every business. Instead, he suggested that owners should focus on the return on investment and look for productivity gains in areas such as sales, customer experience, manufacturing, and procurement.\n\nIn a survey conducted by Goldman, 73% of program graduates who use AI reported spending less than $100 monthly, with 16% relying solely on free tools. Most business owners currently rely on chatbots like ChatGPT, Claude, or Gemini, or AI features embedded in the software they already use. Only 18% use agentic AI.\n\nSolomon's institute emphasizes productivity gains from AI adoption. For instance, a small business owner named Allison Dunn uses AI to manage strategic planning, email sorting, to-do lists, calendar management, and menu development for her Caribbean wellness cafe. Another business owner, Hagan Walker, employs AI to optimize packaging sizes, design website themes, and analyze ad data for his light-up toy brand.\n\nWhile some small business owners have seen no change in their workforce due to AI adoption, others have added positions or even reduced staff. Many owners utilize the time saved by AI for strategic planning, expanded marketing, and developing new products or services.",
  "summary": "\"The important thing is to get it right, not to get it quicker,\" Solomon told small businesses of his $500 million AI push with OpenAI, Anthropic, Google and Meta.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}