Goldman Sachs CEO sees steady AI funding despite stock drops

Goldman Sachs CEO David Solomon said on Monday that the need for money to build artificial intelligence infrastructure remains high.

He told CNBC's Leslie Picker that his firm has been very active in AI capital markets deals over the last few weeks. Solomon expects that pace of business to continue. He stated there is still very strong demand for investments in the AI infrastructure build and the technology around the growth of AI.

Solomon noted that changes in the political environment will create recalibrations and ups and downs. He said the market is already seeing some of that. He emphasized his belief in the long-term trajectory of AI's power to drive productivity in the economy.

Shares of AI-linked companies, including chipmakers and neocloud providers, have dropped sharply in recent weeks. Investors are becoming more cautious about whether the hundreds of billions of dollars flowing into AI infrastructure will deliver solid returns. The selloff began before the U.S. midterm elections and accelerated after Democrats won sweeping victories on Tuesday. Those results raised worries that political opposition could slow the industry's expansion.

This shift in market mood comes as Anthropic prepares for a potential initial public offering. The deal could be a major test of public-market appetite for AI companies. Goldman is among the banks leading the IPO process. Solomon declined to discuss the Anthropic deal in detail. He said the market environment is still pretty constructive. He added that if the IPO moves forward, investors will see how it all plays out.

The Goldman chief also addressed political resistance to data center construction. He argued the infrastructure is vital to the U.S. economy and can be developed responsibly. Solomon said the U.S. does not want this infrastructure going to places outside the country. He noted that demand for compute is here, so that is where the infrastructure will naturally go.