For two years, Jim Covello has been asking the same uncomfortable question: when does Wall Street’s AI bet actually pay off?
The head of global equity research at Goldman Sachs raised the alarm in a widely read 2024 report, questioning whether the torrent of capital flooding into artificial intelligence would ever generate returns commensurate with the spending. At the time, he estimated it would take 18 months to 2 years. Two years later, speaking on Goldman’s Exchanges podcast, he noted that he’s been having this debate for close to four years now — and his answer has only grown more pointed.
