For investors navigating the rapidly evolving AI landscape, understanding the technology's potential and limitations is crucial. “The consumer adoption of AI has been quite robust. There is upwards of a billion daily active users on the various models leveraging AI…That said, it is undeniable that up until now the enterprise adoption of this technology has been very disappointing,” says Jim Covello, head of Global Equity Research within Goldman Sachs Global Investment Research. Covello joins Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Wealth Management and head of the Investment Strategy Group (ISG), to discuss AI’s commercial viability and how the AI revolution may impact investors’ portfolios. Find additional insights on technology from Private Wealth Management: https://pwm.gs.com/nam/en-us/insights/markets-and-investing/innovation-technology Date of recording: January 21, 2026 This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Information and opinions provided herein are as of the date of this material only and are subject to change without notice. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Information and opinions are as of the date of the event and are subject to change without notice. Investment Strategy Group. The Investment Strategy Group (“ISG”) is part of the Asset & Wealth Management Segment of Goldman Sachs and is not a part of Goldman Sachs Global Investment Research. Information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. Goldman Sachs does not provide accounting, tax or legal advice to its clients.  © 2026 Goldman Sachs. All rights reserved.

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