Overview

• He said a market pullback within 12–24 months is plausible as the AI investment cycle sorts winners from losers.
• Goldman’s August research estimated the S&P 500 had a greater than 20% chance of a drawdown within the next year.
• He drew a parallel to the dot‑com era, noting many early companies could disappear even if a few enduring leaders emerge.
• AI enthusiasm has funneled money into giants such as Microsoft, Alphabet, Palantir and Nvidia, helping propel indexes to record highs.
• He also outlined a cautious macro view: U.S. growth seen picking up in 2026 with GDP near just under 2%, with labor and inflation flagged as risks, and Jeff Bezos labeled AI an 'industrial bubble' at the same event.