Market Voices: Goldman Sachs CEO on AI bubble; Fed's Miran, Goolsbee

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_Seeking Alpha's roundup of statements, announcements, and remarks that could impact markets, sectors, or individual stocks. _

* Goldman Sachs (NYSE:GS [https://seekingalpha.com/symbol/GS]) CEO David Solomon said that stock markets could see a drawdown in the next 24 months in the wake of a massive run-up fueled by investor enthusiasm over AI.

“Markets run in cycles, and whenever we’ve historically had a significant acceleration in a new technology that creates a lot of capital formation, and therefore lots of interesting new companies around it, you generally see the market run ahead of the potential … there are going to be winners and losers,” Solomon said at the Italian Tech Week conference on Friday, according to CNBC [https://www.cnbc.com/2025/10/03/goldman-sachs-ceo-david-solomon-warns-stock-market-drawdown-is-coming.html].

Solomon noted that the dot-com bubble of the late 1990s and early 2000s saw the creation of several of the world's biggest tech companies but also resulted in significant losses for investors.

“You’re going to see a similar phenomenon here,” he said. “I wouldn’t be surprised if in the next 12 to 24 months, we see a drawdown with respect to equity markets … I think that there will be a lot of capital that’s deployed that will turn out to not deliver returns, and when that happens, people won’t feel good.”

* Newly appointed Federal Reserve Governor Stephen Miran said he could modify his view on inflation if housing costs climb significantly, but added that rent trends and tighter immigration policies are likely to lower housing inflation.

“If something were to happen that were to tell me that that channel is invalidated, that there’s some shock that’s going to be pushing rents materially higher, the benign inflation forecast that I have would have to be adjusted as a result,” Miran told Bloomberg TV on Friday [https://www.bloomberg.com/news/articles/2025-10-03/fed-s-miran-says-he-d-adjust-inflation-view-if-rents-turn-higher?sref=Hh2p8mzs].

Miran is a voting member of the Federal Open Market Committee, or FOMC.

* Meanwhile Chicago Federal Reserve President Austan Goolsbee said Friday that he was "a little wary" about cutting interest rates too quickly due to ongoing concerns about inflation and employment.

“This uptick of inflation that we’ve been seeing, coupled with the payroll jobs numbers deteriorating, have put the central bank in a bit of a sticky spot where you’re getting deterioration of both sides of the mandate at the same time,” Goolsbee told CNBC on Friday [https://www.cnbc.com/2025/10/03/fed-goolsbee-rates.html]. “I’m a little wary about front-loading too many rate cuts and just counting on the inflation going away.”

Goolsbee is a voting member of the FOMC.

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