"Last week, Goldman Sachs CEO David Solomon delivered a speech in Italy, warning of the potential for an artificial intelligence (AI) bubble following one of the biggest stock market rallies in years. Starting in November 2022, when OpenAI released ChatGPT, the stock market took off and now sits at record highs, following three years of double-digit gains. Solomon warned that some of the current AI frenzy was similar to the dot-com mania of the late 1990s and early 2000s."
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Goldman Sachs CEO David Solomon warned of a potential artificial intelligence bubble after a major stock market rally that began with ChatGPT's release in November 2022. The market achieved record highs following three years of double-digit gains, prompting comparisons to the dot-com mania of the late 1990s and early 2000s. Historical precedent notes the market's steep sell-off after five years of gains that culminated in the March 2000 bubble burst and an October 2002 bottom. Solomon cautioned a drawdown could occur within 12 to 24 months. Goldman Sachs, founded in 1869, ranks second by revenue and offers financing, advisory, risk distribution, and hedging services.
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