What the US-Japan Currency Intervention Means for the Yen, Rates, and the Dollar

More from Exchanges

1. 

   1 Sep 2026 · 32 min

   The Outlook for Data Center Power Demand as AI Token Use Grows

   Global data center power demand could rise 170% by 2030 from 2025 levels according to Goldman Sachs Research’s Brian Singer and Carly Davenport. They joined hosts Allison Nathan and George Lee on the Goldman Sachs Exchanges podcast to discuss how data centers will source that power, the key bottlenecks, and the impact of growing pushback from some local communities. Key takeaways: The rise in power demand from AI more broadly is forecast to be the equivalent of adding another Japan to the world’s power consumption by 2030 compared to the start of 2024. Goldman Sachs Research sees seven key…

2. 

   24 Aug 2026 · 27 min

   Building AI Systems for Capital Markets

   Key takeaways: The "demo versus product" gap: An AI demo is judged on its best day, but an institutional-grade product is judged on its worst. Building reliable financial tools requires rigorous, auditable grounding frameworks to avoid hallucinations and ensure every output can be traced back to a verified source. Don't bet against the model: Developers should avoid wasting resources on complex workarounds for temporary constraints on models that are evolving rapidly. Instead, they should focus on elements that models cannot natively learn: details specific to the firm, such as proprietary…

3. 

   18 Aug 2026 · 44 min

   Wellington’s Jean Hynes on the Art of Investing and Finding New Markets

   Jean Hynes, CEO of Wellington Management, has more than 35 years of experience at the firm. But she spends most of her time looking ahead, trying to envision what the world might look like in a decade and building portfolios around nascent opportunities. In an interview with Goldman Sachs’ Alison Mass on the Great Investors podcast, Hynes discusses innovation in the biopharma sector, how Wellington is using AI, and her path to the C-Suite. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the…

4. 

   7 Aug 2026 · 29 min

   Steven Tananbaum: The Evolution of Credit Investing and AI Opportunities

   Goldman Sachs President John Waldron speaks with Steven Tananbaum, CIO of GoldenTree Asset Management, about how GoldenTree became a credit-focused asset manager overseeing $70 billion. They discuss how credit markets have evolved during Tananbaum’s career, his framework for analyzing investments, and how financing for artificial intelligence is affecting credit markets. This episode was recorded on July 23, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman…

5. 

   5 Aug 2026 · 25 min

   How AI Debt Is Reshaping Credit Markets

   Credit markets are playing a growing role in the buildout of artificial intelligence, with nearly $500 billion of AI-related debt issuance so far in 2026, according to estimates from Goldman Sachs Research. Amanda Lynam, head of credit strategy research, and Zach Ablon, head of the credit sales desk in Global Banking & Markets, discuss why cash-rich tech giants are turning to bond markets, the potential risks for institutional investors, and how alternative financing channels—including private credit, infrastructure funds, and high-yield markets—are being used to fill the funding gap. This…

6. 

   28 Jul 2026 · 20 min

   What the Surge in IPOs Means for Investors

   US IPO issuance has surged to a record high in 2026. But this resurgence raises two concerns for the equity market: whether it is flashing a late-cycle warning sign and whether the market can digest so much new issuance. Jay Ritter of The IPO Initiative and Owen Lamont of Acadian Asset Management discuss whether the IPO surge is a red flag for markets. This episode explores the latest Top of Mind report. This episode was recorded on July 8, 15, and 23, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily…

7. 

   6 Oct 2026 · 32 min

   Inside the Revival of Venture Capital Liquidity with an Industry Pioneer

   As liquidity in venture capital declines, the secondary market is increasingly important for investors and companies, says Hans Swildens, partner in Goldman Sachs Asset & Wealth Management, on Goldman Sachs Exchanges: Great Investors. Swildens explains why companies are staying private longer and how artificial intelligence is creating opportunities as well as headwinds for portfolios. In this conversation with Michael Brandmeyer, global head and chief investment officer of the External Investing Group within Goldman Sachs Asset Management, Swildens also discusses the strategic rationale…

8. 

   29 Sep 2026 · 23 min

   How Family Businesses Should Plan for Generational Success

   Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO. Key Takeaways Succession is a two-part decision: Founders must separate management continuity from…

9. 

   23 Sep 2026 · 18 min

   Why Markets May Be Pricing in Too Many Fed Rate Hikes

   Markets may be pricing in more tightening by the Federal Reserve than is warranted due to a divergence playing out in the economy, according to Goldman Sachs Vice Chairman and former Dallas Fed President Rob Kaplan. In the Goldman Sachs Exchanges podcast, Kaplan notes that while artificial intelligence (AI) infrastructure and defense spending are continuing to boom, interest-rate sensitive parts of the economy, such as housing and autos, are already straining under higher rates. Taken together, these crosscurrents are creating a more muted response from the Fed. Key takeaways: The Fed may…

10. 

    18 Sep 2026 · 42 min

    Rich Friedman on the Rise of Private Markets and AI Investing

    Rich Friedman, chairman of Goldman Sachs Asset Management, says there are still plenty of investment opportunities in private equity, even as private markets have grown far larger than he would have imagined a few decades ago. In this conversation with Alison Mass, chairman of Investment Banking in Goldman Sachs Global Banking & Markets, on Goldman Sachs Exchanges: Great Investors, he explains why he expects the payoff in artificial intelligence to arrive later than the market assumes, and how the discipline he used to build the firm's merchant banking business over 45 years shapes where he…

Every episode of Exchanges →