Core Viewpoint - Goldman Sachs Asset Management maintains that the broader artificial intelligence (AI) trade remains structurally sound despite recent market volatility caused by significant stock drops in companies like CoreWeave Inc. [1] Funding Landscape - Sung Cho, co-head of public tech investing, argues that concerns about a debt-fueled bubble are unfounded, as 90% of the sector's infrastructure buildout is funded by robust corporate cash flows rather than risky borrowing [2][3] - The industry requires between $700 billion and $1 trillion for AI infrastructure over the next few years, with only 10% of this funding coming from debt [3] Risk Assessment - The recent decline in shares of CoreWeave and concerns surrounding Oracle Corp. are considered outliers and not indicative of systemic issues, representing only 2-3% of the overall debt funding picture [4] - Specific companies like CoreWeave are facing supply chain issues rather than a lack of demand [5] Shifts in AI Leadership - Investor sentiment has shifted, with Alphabet Inc.'s Gemini now viewed as the leading AI model, contributing to a $1 trillion market cap increase for Google in the last three months [6] Market Performance - CoreWeave's shares have dropped 23.34% over the last five sessions, although they are up 78.21% since their listing earlier this year [7]

Core Insights - Goldman Sachs Asset Management and T. Rowe Price Group have launched their first co-branded model portfolios, marking the beginning of their strategic alliance announced in September 2025 [1][6] Group 1: Portfolio Details - The co-branded model portfolios are available through GeoWealth's unified managed account platform, enabling Registered Investment Advisors to offer diversified portfolios within a single account [2] - Four portfolios currently available include the "Goldman Sachs T. Rowe Price Dynamic ETF Portfolio," "Tax-Aware Dynamic ETF Portfolio," "Dynamic Hybrid Portfolio," and "Tax-Aware Dynamic Hybrid Portfolio," targeting mass-affluent and high-net-worth clients [3] - A fifth model portfolio, "Goldman Sachs T. Rowe Price High Net Worth Portfolio," is set to launch in the first half of 2026, specifically designed for high-net-worth investors [4] Group 2: Strategic Collaboration - The collaboration follows Goldman Sachs' $1 billion strategic investment in T. Rowe Price, aimed at developing new investment products and expanding wealth-channel offerings [6] - The partnership combines Goldman's Multi-Asset Solutions team expertise with T. Rowe Price's retirement and wealth management capabilities, providing advisors with coordinated support from over 200 wholesalers and dedicated model specialists [5] Group 3: Performance Metrics - Over the past six months, shares of Goldman Sachs and T. Rowe Price have increased by 42.4% and 13.1%, respectively, outperforming the industry growth of 25% [8]

Here with me now at the Goldman Sachs trading floor in a CNBC exclusive is Goldman's co-head of global markets and banking Ashook Verdon. It's become a little bit of a tradition to do this at the end of the year. >> Yeah, welcome back to the trading floor call.>> Thanks for having us Ashook. So the Hasset view is kind of rhymes with what you what you what you believe will happen in 26 and that is growth can accelerate and we'll we can get back to target. >> Absolutely.uh you know maybe for a little bit diff ...

How would you you follow this obviously, at a granular level. How would you sum up the year in gold. There's been a remarkable year.It's kind of been one of those periods of time when gold, I think, has managed to punch its way into the mainstream of kind of the the debate in financial markets. And I think that has been mostly just a reflection of its price. You know, it's set it's up about 63% now or something like that, which, as you say, is its best year since 1979.And then I think as well as that, I thi ...

Core Viewpoint - Aurora Innovation Inc. is positioned as a stock that could potentially double in value by 2026, with a current price target of $5.50 maintained by TD Cowen [1]. Group 1: Commercial Agreement and Operations - On December 8, Aurora Innovation announced a commercial agreement with Detmar Logistics to deploy autonomous trucks for transporting frac sand for a major oil and gas company in the Permian Basin [2][3]. - This deployment is significant as it will be the first instance of frac sand being transported autonomously on public roads in the Permian Basin, with operations set to begin early next year [3]. - The initial contract includes the use of 30 Aurora Driver-powered trucks in 2026, each expected to operate for over 20 hours a day [4]. Group 2: Future Developments - Aurora plans to deploy its second fleet of driverless trucks in Q2 2026, transitioning to fully driverless operations on a route that includes high-speed driving and local roads [4]. - The autonomous operations will connect Detmar's facility in Midland, Texas, with Capital Sand's mining site in Monahans, Texas [3]. Group 3: Market Position and Analyst Ratings - Goldman Sachs recently lowered its price target for Aurora Innovation from $6 to $4, maintaining a Neutral rating on the shares [5]. - Aurora operates as a self-driving technology company, developing the Aurora Driver platform that integrates self-driving hardware, software, and data services [5].

Core Viewpoint - Goldman Sachs has appointed Robert Sobelman, a prominent federal prosecutor known for his work on public corruption cases, as its new head of investigations, marking a significant addition to the firm's leadership team [1][2]. Group 1: Appointment Details - Robert Sobelman is set to join Goldman Sachs imminently, transitioning from his role as the chief of the public corruption unit at the Southern District of New York [2][4]. - His hiring is part of a broader trend of high-profile exits from the Southern District of New York following the controversial dismissal of the corruption case against outgoing mayor Eric Adams by the Trump administration [2][3]. Group 2: Background and Achievements - Sobelman has a notable track record, including successful prosecutions of high-profile figures such as New Jersey Senator Bob Menendez for bribery and Michael Avenatti for extortion [6][8]. - He also played a role in the prosecution of Steve Bannon over fraud allegations related to the "We Build the Wall" crowdfunding campaign, where Bannon pleaded guilty to a low-level felony [11].

Goldman Sachs is restructuring its influential technology, media, and telecom (TMT) investment banking group with an eye toward infrastructure deals and artificial intelligence, creating two new teams... ...

Stock market investors love a good story, and clearly, AI has been what people want to hear. For perspective, AI bellwether Nvidia (NVDA) alone accounts for 6.9% of the S&P 500 by index weight. Nvidia’s stock has returned a jaw-dropping 1,245% five-year gain, so a boring $1,000 bet in 2020 would be worth a staggering 13,449 (before taxes/fees). A $10,000 investment would be worth about $134,500 today. Also, the Magnificent Seven currently accounts for nearly 35% of the S&P 500’s total market cap/weigh ...

Core Insights - Goldman Sachs Group's CFO, Denis Coleman, expressed strong confidence in the continuation of global mergers and acquisitions (M&A) momentum into 2026, which is crucial for the investment banking business [1] M&A Activity and Financial Performance - In 2025, Goldman Sachs' M&A team has advised on $1.1 trillion in M&A volume, positioning the year to potentially be one of the largest for announced M&A on record. This has led to a 31% year-over-year increase in M&A advisory fees to $3.37 billion in the first nine months of 2025 [2] - Equity and debt underwriting fees increased by 7% and 11% respectively, contributing to a 19% year-over-year rise in overall investment banking fees [2][11] Market Conditions and Outlook - The deal-making environment has improved due to a resilient economy, lower financing costs, and renewed corporate confidence, which has encouraged larger strategic deals. The anticipated business-friendly policies under the Trump administration have further bolstered management confidence [3] - The Federal Reserve's third consecutive 25-basis-point rate cut has enhanced financing conditions, likely accelerating deal execution by encouraging companies to pursue previously postponed M&A and capital-raising plans [4] Future Projections - Goldman Sachs expects a positive outlook for the equity underwriting calendar, with continued strong activity anticipated in 2026 [4] - The combination of growing M&A deals, a rising IPO pipeline, and a strong advisory backlog positions Goldman Sachs to maintain solid investment banking performance moving forward [5] Competitive Landscape - Other major investment banks like JPMorgan and Morgan Stanley are also expected to benefit from the ongoing M&A momentum and favorable macroeconomic conditions [6] - In the first nine months of 2025, JPMorgan's investment banking fees rose 12.3% year-over-year to $7.3 billion, while Morgan Stanley's IB revenues increased by 15% year-over-year to $5.2 billion [7][8] Valuation and Earnings Estimates - Goldman Sachs shares have increased by 51.4% over the past year, outperforming the industry growth of 33.3% [9] - The company trades at a forward price-to-earnings (P/E) ratio of 16.3X, above the industry average of 15.1X [13] - The Zacks Consensus Estimate for Goldman Sachs' earnings implies year-over-year increases of 20.6% and 12.2% for 2025 and 2026 respectively, with sales estimates also showing growth [15]

Core Insights - Goldman Sachs Group (GS) shares have shown strong performance, trading near a 52-week high of $919.10, with a 51.5% increase over the past year, outperforming peers JPMorgan and Morgan Stanley [1][7] Price Performance - GS stock is currently near its 52-week high after a significant rise of 51.5% over the past year [1][7] Growth Drivers for Goldman - The investment banking (IB) business is experiencing strong momentum, with IB fees reaching $6.8 billion, a 19% year-over-year increase in the first nine months of 2025, driven by higher advisory revenues and a resurgence in M&A activity [5][6] - Goldman Sachs led both announced and completed M&A, advising on over $1 trillion in announced M&A volumes in the first nine months of 2025 [6][9] - A favorable rate environment and revived private equity transactions are supporting the IB business [6][8] Strategic Streamlining - The company is strategically exiting underperforming consumer banking ventures to focus on higher-margin businesses [10][11] - Recent divestitures include the sale of its Polish asset management firm and GM credit card business, allowing for capital reallocation [11][12] - The Global Banking and Markets segment's net revenues rose 17% year-over-year in the first nine months of 2025, reflecting the benefits of restructuring [12] Private Equity Expansion - Goldman is aggressively expanding its private equity and alternatives business through acquisitions and platform enhancements [13][14] - The company has partnered with T. Rowe Price in a $1 billion deal to co-develop retirement and wealth products, expanding its offerings for wealthy clients [15][16] Robust Liquidity - Goldman maintains a strong balance sheet with a Tier 1 capital ratio well above regulatory requirements, allowing for aggressive capital returns to shareholders [17] - The company increased its quarterly dividend by 33.3% to $4 per common share and has a share repurchase program of up to $40 billion [18][19] Earnings Prospects & Valuation - Analysts have revised earnings estimates upward for 2025 and 2026, with expected year-over-year growth of 20.6% and 12.2%, respectively [20][23] - GS stock is trading at a forward P/E of 16.3X, above the industry average of 15.1X, indicating a relatively expensive valuation compared to peers [26] Investment Considerations - Ongoing growth initiatives, consistent capital returns, and a healthy deal pipeline provide a strong foundation for long-term performance [30] - The company aims for a mid-term goal of a 14-16% return on equity and a 60% efficiency ratio [31] - With resilient earnings prospects and favorable momentum, holding GS stock may be advisable for investors [32]