Goldman Clients "Pulse" AI Sector: Favor Energy and Healthcare Innovation, Boom Not Bubble!  

Recently at Goldman's "At The Helm" private wealth conference, bankers with over 100 wealthy clients discussed hottest topic: artificial intelligence (AI)—from AI investment hotspots to whether AI is a bubble.  

 

AI now focus—from office workers worried about job automation to tech CEOs racing competitors. $280 billion industry disrupting everyone's career and life.  

 

Attendees mostly millennials (born 1983-1995) and young Gen X (1965-1980), grew up in internet era, know tech changes status quo. They Goldman PWM clients, average account over $75 million.  

 

Overall, attendees favor AI energy investments and healthcare innovation, believe current AI boom not bubble.  

AI Investment Hotspots  

Per Goldman San Francisco PWM regional head Brittany Boals Moeller, AI areas especially interest clients: tech impact on healthcare, personal productivity, energy use.  

 

Specifically, in medicine, AI well applied. Tech interprets brain scans 2x accurate as pros checking stroke patients, detects more fractures than humans, spots early signs over 1,000 diseases.  

 

 

Also on productivity, many see unlimited opportunities. People use AI automate daily tasks, plan vacations, handle email piles. McKinsey finds long-term enterprise AI use adds $4.4 trillion extra productivity.  

 

But most important, all complex language models need power, attendees very aware energy consumption.  

 

Lawrence Berkeley National Lab predicts in just three years, over half data center power for AI. By 2028, AI alone consumes power equal 22% U.S. households.  

 

Clearly, AI explosive growth other side "grid pushed to limits," gradually shifting industry focus from "capacity" to "storage." Musk last month proposed large-scale industrial battery storage to double U.S. grid effective power, clear path for AI energy crisis.  

 

He explained U.S. grid ~1 trillion watts stable output, but daily use only 0.5 trillion watts. Run plants at night charge batteries, release daytime for AI compute, "double U.S. annual power generation." Called large-scale industrial batteries winning solution for grid stability.  

 

Recently, Korea's three battery giants Samsung SDI, SK On, LG Energy Solution announced rapidly shifting focus to energy storage systems, plan double U.S. total annual capacity by end-2026 from current 300 GWh to 600 GWh.  

 

Boals Moeller said attendees care environmental impact and how invest AI-related energy right way.  

 

"For clients, in AI context, energy indeed interesting investment opportunity, also balance energy as finite resource social issue." Added: "Way to view AI value creation 'indirectly.' How think responsibly about this, and relation to energy demand?"  

Boom a Bubble?  

Finally, Moeller: "We did discuss market and whether we think in bubble. We don't think in bubble, monitor closely."  

 

"Will AI have winners and losers? Absolutely. Definitely some overvalued spots, time will tell where. So for clients, prudent on how invest AI."