“Our expectation, Ebrahim, is certainly that's going to continue.”

In context

“David Solomon: Sure. I think we've tried to, in a balanced way, if you listen to the prepared remarks, we've talked about the fact that the environment at the moment remains extremely active with our clients. Our expectation, Ebrahim, is certainly that's going to continue. All the indicators we have is that we are in the relative early innings of a very, very significant, when you're talking about the AI build-out cycle, of an AI build-out cycle. We all know, because we've all been around for a long time, that these things don't go in a straight line, and they can ebb and flow. I'm not smart enough to tell you whether or not there can be recalibrations, in the short term, sometime in the next six months, the next 18 months. I will tell you that when you look over a three-year period or a five-year period, we're investing in long-term growth to support this. We're going to continue to be very consistent about that. We see lots of opportunities to deploy capital to our clients to finance this infrastructure build-out. We're very disciplined about the returns we expect for deploying that capital. It feels like that will continue, I know that it won't be a straight line, and there'll be bumps and there'll be recalibrations because there's a lot of uncertainty around how not only is the infrastructure going to be built, but once the infrastructure is built, how enterprises will buy that infrastructure, how it will be priced, how greater efficiencies will come from chips, then the pricing, ultimately of the technology. There's a lot of talk about token spend and the cost of the technology. I think we're early in the cycle to build out, but it won't be without bumps and recalibrations as people can understand just what the ultimate demand is for this technology and enterprises. We're excited about it. We see lots of opportunities. Those opportunities are very correlated to Goldman Sachs. That cycle is contributing to our earnings momentum, but also just highlights the breadth, depth and diversity of the firm, its franchise, the scale of our management fees across the firm of our more durable revenues. Those are all things we've been investing in over the last seven or eight years that have made the firm broadly much more diverse. This management team is not focused so much on next quarter. We're focused on how we're going to grow earnings from here over the next three to five years. We have a high level of confidence that we can deliver on that.”