John Waldron on GDP Growth, AI, and the M&A Outlook

Global markets currently navigate a complex environment defined by resilient economic growth, persistent inflation, and high interest rates. Business leaders remain generally optimistic, though tempered by geopolitical tensions and the ongoing challenge of higher capital costs. A clear bias for scale drives current corporate M&A activity, with larger firms attracting more capital and demonstrating superior returns. Goldman Sachs prioritizes capital formation, particularly regarding AI infrastructure and decarbonization, while leveraging digital agents to enhance internal efficiency and client advisory services. The firm’s strategy emphasizes a "one Goldman Sachs" approach, integrating specialized acquisitions—such as those in venture capital and ETF platforms—to fill capability gaps. Amidst this technological shift, intellectual curiosity remains the most critical trait for new talent, as the firm continues to integrate AI tools to augment human judgment and drive long-term growth.