Goldman Sachs CEO: The market has entered a "greedy mode" with ample liquidity to digest the trillion-dollar IPO wave of OpenAI, Anthropic, and SpaceX.

Goldman Sachs CEO David Solomon said on Tuesday that with the continued rise of artificial intelligence, investor sentiment has shifted from cautious to optimistic. The current market is in a "greed more than fear" phase, with ample liquidity to support the upcoming unprecedented wave of large-scale financing and IPO activities. In an interview, when asked whether the capital markets could handle the potential large-scale IPOs by AI giants such as OpenAI, Anthropic, and SpaceX in the future, Solomon gave an affirmative answer. "If the market continues to maintain its current optimistic sentiment, there is sufficient liquidity in the system," Solomon said, "There is no doubt that we are in a moment where greed is greater than fear." His remarks come as Wall Street prepares for one of the busiest rounds of equity financing cycles in recent years. It is widely expected that OpenAI and Anthropic, as the two most influential developers of foundational models globally, could reach trillion-dollar valuations when they go public. SpaceX, controlled by Musk and having both a rocket launch business and the AI company xAI, is also seen as one of the most attractive IPO candidates in the future. Meanwhile, numerous tech companies are continuously raising funds to support AI data center construction, high-performance chip procurement, and computing infrastructure expansion. This has sparked concerns in the market about whether such a massive financing demand might exceed the capital market's capacity. However, Solomon is not worried about this. He pointed out that after Alphabet announced plans for an $80 billion equity financing, its stock price performance remained strong, providing an important reference point for the market. "The stock price is doing very well," Solomon said, "This is the market's first real case facing such a massive financing plan, and the results are encouraging." He believes that both the equity and bond markets currently maintain strong financing capabilities, and companies are actively raising funds during this window of opportunity. "When capital is abundant, if your business itself requires significant capital investment, then you should secure the funds." While acknowledging that this financing frenzy is unprecedented in scale, he believes that the global financial system's record wealth levels and ample liquidity provide solid support for these transactions. In recent years, the continuous rise of the US stock market has led to the growth of household wealth and institutional asset size, while the wealth effect created by the AI industry is forming a positive feedback loop. Solomon pointed out that as AI companies continue to grow, the significant capital gains for their employees, founders, and early investors will re-enter the economy through taxation, reinvestment, and entrepreneurial activities, further enhancing market liquidity and risk appetite. "This wealth creation will form a self-reinforcing cycle." As for the bubble risk that the market is generally concerned about, Solomon maintains a relatively cautious and optimistic attitude. He acknowledges that market sentiment can change at any time, with "greed quickly turning into fear," but there are currently no signs of this reversal occurring. "The market frenzy may continue for quite a long time," Solomon said, "And it is very likely that we are still in the early stages of this cycle, rather than the late stages." His stance reflects Wall Street's continued optimistic outlook on the AI investment frenzy. In the past two years, AI has become one of the most important investment themes in the global capital markets. From NVIDIA's market value surpassing tens of trillions of dollars, to the continuous increase in valuations of foundational model companies like OpenAI and Anthropic, to tech giants investing hundreds of billions of dollars in building AI infrastructure, capital is pouring into this race at an unprecedented speed. As OpenAI, Anthropic, SpaceX, and more AI unicorns go public in the coming years, investors will witness a financing feast that could reshape the global tech industry landscape. And in Solomon's view, at least for now, the market's funding pool is deep enough to support this unprecedented AI capital frenzy.