{"text":[[{"start":8.75,"text":"Goldman Sachs chief executive David Solomon said he sees “more greed than there is fear” in financial markets as investors shrug off concerns around elevated asset prices, the high cost of oil and rising US inflation to drive stock prices higher. "}],[{"start":23.8,"text":"The comments from the investment banking boss underscore the bullish view on Wall Street that helped push the S&P 500 to record closing highs 11 times last month, half of all trading days. "}],[{"start":36.85,"text":"Solomon, speaking at the Economic Club of New York, was asked about the market’s ability to absorb upcoming mega initial public offerings for tech companies including SpaceX, OpenAI and Anthropic. The listings, on which Goldman hopes to play major roles, will be the largest IPOs of all time. Solomon said there was “plenty of liquidity in the system if the world continues to remain as optimistic”."}],[{"start":60.25,"text":"“I know when I say it, it will get quoted. But I think it’s definitely true and something for us to reflect on. We are definitely at a moment where there’s more greed than there is fear,” Solomon said. “That’s one of the reasons why people that need this capital are coming to the markets. Because the capital’s available.”"}],[{"start":77.3,"text":"Solomon pointed to the relatively muted market reaction to Alphabet’s announcement of an $80bn equity raise — the stock was down roughly 2 per cent on Tuesday — as a sign of the market’s appetite to fund major growth projects. Goldman Sachs served as a placement agent and joint bookrunner on the deal. "}],[{"start":95.3,"text":"“This is the largest equity deal, largest follow-on equity deal that’s ever been done. The stock’s trading quite well,” Solomon said. “This is the first actual concrete data point for bringing something of this scale and it’s encouraging.”"}],[{"start":110.2,"text":"While broadly upbeat on AI and the economy — he said a decade in the future with advances in AI the US would have “a very, very productive economy” with low unemployment — Solomon cautioned that the mood in markets “can turn into fear very quickly”. "}],[{"start":125.10000000000001,"text":"US stocks linked to the AI investment boom have posted massive gains in recent months, with the blue-chip S&P 500 last week closing out its longest weekly winning streak since December 2023. "}],[{"start":136.4,"text":"The tech-heavy Nasdaq Composite has surged 30 per cent since the end of March, driven by semiconductor groups and memory companies in particular. Software stocks have at the same time rebounded from a sell-off at the start of the year. "}],[{"start":151.65,"text":"Driven by record earnings, memory-maker Sandisk has led the pack, up some 630 per cent this year. Semiconductor manufacturer Micron, server maker Dell and chipmaker Intel have climbed 265 per cent, 250 per cent and 191 per cent respectively over the same period."}],[{"start":171.3,"text":"“The S&P 500’s 5 per cent first-quarter pullback seems like a distant memory,” Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, said in a note this week. "}],[{"start":190.45000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780451228_2966.mp3"}