Goldman's Solomon: AI Financing Demand Stays Strong as Stocks Slide

Goldman Sachs CEO David Solomon said Monday that financing demand for artificial intelligence infrastructure remains strong, even as AI stocks tumbled in recent weeks and investors reassess the hundreds of billions of dollars flowing into the sector's build-out.

Speaking to CNBC's Leslie Picker, Solomon said Goldman has been "very active" in AI capital markets deals over recent weeks — a setup he expects to continue.

"There's still very strong demand for investments in the AI infrastructure build and the technology around the growth of AI," Solomon told CNBC.

What's driving the market jitters?

AI-related stocks, including chipmakers and neocloud providers, have fallen sharply in recent weeks. The trigger: investors are questioning whether the massive capital poured into AI infrastructure will actually generate good returns.

The selloff started before the U.S. midterm elections. It intensified after Democrats scored sweeping victories on Tuesday, raising concerns that political opposition could slow the industry's expansion.

Solomon acknowledged the shift. Changes in the political environment are among factors that will "create recalibrations and ups and downs, and we're seeing some of that," he said. But he held his core position: "But I still deeply believe in the long-term trajectory of the power of AI in our economy to drive productivity."

In plain words: the CEO sees turbulence, not a turn.

Why does the Anthropic IPO matter?

The timing of the shifting sentiment couldn't be more pointed for Anthropic. The AI model lab is preparing for a potential IPO that could become one of the biggest tests yet of public-market appetite for AI companies.

Goldman is among the banks leading that IPO process.

Solomon declined to comment in detail about the deal. But he gave a measured read on conditions: "We'll see, obviously, if this IPO moves forward, how it all plays out. I would say that the market environment is still pretty constructive."

For Goldman, the stakes are straightforward. A successful Anthropic listing would validate both the bank's underwriting position and the broader AI financing pipeline it has built. A shaky one would land just as investors are already questioning returns on the sector's capital spending.

Is data center construction under political threat?

Solomon also pushed back against political resistance to data center construction. His argument: the infrastructure is essential to the U.S. economy, and it can be built responsibly.

He framed the alternative in stark terms. "We certainly don't want this infrastructure going to places outside the U.S., which is what will naturally happen because the demand for compute is there," Solomon said.

That's a direct pitch to policymakers. If American opposition stalls domestic construction, Solomon argues, the compute demand won't disappear — it will simply migrate abroad.

What comes next?

Solomon's message splits neatly in two. Short term, expect "recalibrations and ups and downs" as politics and valuation doubts work through the market. Long term, he's betting the AI build-out keeps driving productivity — and keeps Goldman busy arranging the financing.

The near-term verdict may arrive with Anthropic. If the IPO moves forward into the current environment and performs, Solomon's "pretty constructive" read gets confirmed with real money. If it stalls, the recalibration he described could run deeper than he's letting on.