Find our latest Insights on the markets and investing here: https://pwm.gs.com/nam/en-us/insights/markets-and-investing?gsid=10643&cmp=PIA&chl=og&plt=yt&obj= As consumer adoption and corporate investment in artificial intelligence accelerate, markets are demanding greater transparency into profitable enterprise adoption. Sharmin Mossavar-Rahmani, chief investment officer of Wealth Management and head of the Investment Strategy Group (ISG), and Jim Covello, head of Global Equity Research for Goldman Sachs, unpack what investors should consider about increasing corporate AI capital expenditures, the impact of open-source and open-weight models, and why Covello believes many of the sector's biggest winners may still lie ahead. Recorded on July 30, 2026. This video 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 video 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 video 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. This video represents the views of the Wealth Management Investment Strategy Group and is not a product of Goldman Sachs Global Investment Research (GIR). It is not research and is not intended as such. The views and opinions expressed by ISG may differ from those expressed by GIR, or other departments or businesses of Goldman Sachs. Past performance is not indicative of future results which may vary. Any geopolitical, economic, or market views expressed during this call constitute the opinions of the speakers as of the call date and should not be relied upon as predictions or guarantees of future events. This video is furnished for informational and educational purposes only and does not constitute investment, legal, tax, or accounting advice, nor a recommendation to take or refrain from any action.

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