AI Exchanges: How tech giants are navigating the AI landscape
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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. Together, we're co hosting a series of episodes exploring the rise of AI and everything it could mean for companies, investors, and economies. 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. It's
our third. The both the first two have been great. I'm very much looking forward to this one as well.
So, George, today, we're going to discuss what the rise of AI could mean for US tech giants and how investors are thinking about AI right now. But let me get your view first. Where do you see these tech giants fitting into the AI story right now? Well,
I think it's important to note the time and date of our recording here. It's the afternoon of May 2. This has been sort of a momentous week. Many of the large technology companies have reported earnings, done earnings conference calls, and three themes emerged to me. One is that these big companies remain very committed to their capital spend at least through the rest of 2025 to support AI workloads. Second, that they remain largely supply constrained in their ability to meet customer needs. And then third, Andy Jassy, the CEO of Amazon, made an interesting comment that really landed with me w
Right. Interesting. Alright. Eric, let's turn to you. Here with us to discuss these trends, we have Eric Sheridan. Eric is the co business unit leader of the technology, media, and telecommunications group in Goldman Sachs Research. Welcome, Eric. Great
to be here.
Alright. Eric, your coverage actually spans a lot of perspectives on AI. So you cover the model builders, the model infrastructure providers, and many companies that just leverage the technology. And some of companies, they actually do all three. Right? Yes. And you've also talked a lot about a framework of generative AI evolution. I know we've had conversations about that. You've also had conversations about that with George. So when you look across that universe, where are we today? And I think the question on a lot of people's minds is, who's garnering the most value from this technology to
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