Goldman Sachs CEO David Solomon Says the Tech Sell-Off Is "Too Broad"

Core Viewpoint - The CEO of Goldman Sachs, David Solomon, expressed optimism about the U.S. economy but raised concerns about the tech sector sell-off, particularly regarding software-as-a-service (SaaS) stocks, which are facing disruption fears from AI tools [1][3]. Group 1: Economic Outlook - Solomon described the macro environment for investors as "very good broadly" [1]. - He anticipates a potential "speed bump or recalibration or slowdown" in the stock market this year, influenced by developments in AI and technology [3]. Group 2: Tech Sector Analysis - The Nasdaq-100 index has declined by approximately 2% year to date, underperforming the S&P 500, which is nearly flat [1]. - Solomon criticized the prevailing narrative about AI's impact on the software industry as being "too broad," suggesting that there will be both winners and losers in the market [4]. Group 3: Investment Strategy - Companies in the software sector may adapt to AI advancements, finding new business models and productivity enhancements [5]. - The AI boom does not necessarily imply a downturn for software companies, as many are already leveraging AI tools to improve their offerings [5].