Goldman Sachs beats Q2 targets; CEO says AI boom still in early innings

Goldman Sachs' second-quarter results reflect a bank significantly benefiting from current market dynamics centered on AI infrastructure investment. The 39% year-over-year revenue growth and earnings per share of $20.98—far exceeding analyst consensus of $14.40—signal robust client activity across the firm's key divisions, particularly in Global Banking & Markets. The alternatives platform's record $59 billion（約9.4兆円） in quarterly fundraising and revised full-year outlook of above $125 billion（約20兆円） show that institutional capital is flowing aggressively toward alternative investments, likely driven in part by appetite for AI-related opportunities.

CEO David Solomon's characterization of the AI cycle as still in its "early innings" is significant because it frames the current investment boom not as a peak but as an early-stage acceleration. By noting that capital demand is spreading into infrastructure, energy, and data centers—sectors beyond pure technology companies—Solomon suggests that the AI spending wave will remain broad-based and sustained. For Goldman Sachs, this translates into continued advisory work on strategic transactions, capital raising, and M&A, as corporations and investors position themselves for long-term AI buildout.