AI Exchanges: Will falling costs drive new opportunities?

This Goldman Sachs Exchanges podcast episode discusses the impact of AI cost reductions, specifically focusing on the implications of a low-cost AI tool from DeepSeek. The discussion features Goldman Sachs executives debating the value of massive AI investments in light of this development, concluding that while initial large capital expenditures may be justified, future costs could decrease significantly due to increased efficiency and broader adoption. The panelists also explore the emerging importance of AI agents and the growing demand for power to support AI infrastructure, highlighting the potential for new data marketplaces and strategic M&A activity in the sector. The conversation concludes with a discussion of Goldman Sachs's own AI assistant and the increasing enterprise adoption of AI. The overall message suggests a bullish outlook on AI's future, despite market volatility.