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Rebecca Kruger, a partner at Goldman Sachs’ Natural Resources Group, dives into the energy challenges posed by the booming AI industry. She discusses how AI is reshaping energy consumption patterns and the urgent need for innovative solutions amid aging infrastructure. The conversation also highlights the vital collaboration between tech giants and power companies to meet rising energy demands. Lastly, they explore the constraints on energy infrastructure development and the transformative potential of AI to create a more efficient energy future.

Kevin Daly, co-head of Goldman Sachs Research's Central and Eastern Europe, Middle East, and Africa economics team, discusses the unexpected benefits of an aging global population. He argues that concerns about a demographic time bomb may be exaggerated. The conversation includes insights into how advancements in health are allowing healthier, more capable seniors to contribute longer in the workforce. Daly also addresses the economic implications of rising life expectancy and declining fertility, emphasizing the need for policies that support extended working lives.

Daan Struyven, co-head of global commodities research and head of oil research at Goldman Sachs, dives into the intricate dance of global commodities. He reveals how geopolitical tensions in the Middle East are pushing oil prices in unpredictable directions. Gold is experiencing a bullish surge due to central bank diversification and a weaker dollar. Struyven also discusses the impact of impending tariffs on metal prices and highlights how rising defense spending could boost demand for commodities like copper and nickel.

Christian Mueller-Glissmann leads asset allocation research at Goldman Sachs, while Alexandra Wilson-Elizondo co-heads the Multi-Asset Solutions Business. They discuss strategies for navigating market volatility and advocate for diversification instead of relying solely on U.S. tech stocks. The conversation highlights the risks facing European investors and the need for strategic hedging. They emphasize the importance of adapting portfolios to the evolving economic landscape, ensuring resilience amidst policy uncertainties and market challenges.

Niall Ferguson, a historian at Stanford's Hoover Institution, and Ken Rogoff, an economist from Harvard, dissect the looming concerns about U.S. fiscal sustainability. They delve into how rising real interest rates coupled with substantial debt levels could trigger a crisis, and discuss historical parallels to strategic fiscal leadership. The duo also tackles the potential challenges facing the U.S. dollar's dominance due to shifting geopolitical landscapes, while emphasizing the role of voter engagement and technology in navigating these fiscal challenges.

Steve Cohen, the founder and CEO of Point72 and majority owner of the New York Mets, shares his insights on trading and sports management. He delves into his childhood passion for the stock market and the traits that drove his success. Cohen discusses navigating market dynamics and the vital role of AI in optimizing investments. He also emphasizes the importance of mentorship in trading, drawing parallels between business and sports as he reflects on team dynamics and fan engagement strategies during a pennant race.

Wolfgang Fink, CEO of Goldman Sachs Bank Europe SE and Head of Goldman Sachs in Germany and Austria, dives into Germany's economic landscape amid political shifts. He discusses the potential for economic revival due to new government initiatives focused on infrastructure and defense. The conversation also tackles the impact of U.S. tariffs on Germany's export-heavy economy, while exploring how businesses are adapting supply chains in uncertain times. Fink highlights the effects of changing investor sentiments on European equities and the evolving dynamics of corporate deal-making.

John Waldron, President and COO of Goldman Sachs, shares insights on navigating corporate challenges in uncertain times. He discusses strategies for managing risk amid U.S.-China trade tensions and changing tariffs. Waldron highlights Europe's growing investment potential, especially in Germany, and how Goldman Sachs is enhancing its operational resilience. He emphasizes the importance of effective leadership and communication, drawing from experiences during crises like COVID-19 to foster strong, human-centric relationships in business.

Alec Phillips, Chief US political economist with Goldman Sachs Research, offers keen insights into the recent US trade court ruling that has cast doubt on President Trump's tariffs. He discusses the implications of this legal decision for trade policy, exploring its potential to reshape economic landscapes and investor strategies. The conversation also delves into the complexities of ongoing trade negotiations and the uncertain fiscal impacts stemming from tariff adjustments, leaving listeners with a thought-provoking view on the future of US trade relations.

AI, the energy transition, and geopolitical tensions are reshaping the global economy and markets — they are also transforming the landscape of infrastructure investing. Tavis Cannell, global head and co-CIO of infrastructure at Goldman Sachs Alternatives, looks at the megatrends driving opportunities and the outlook for the sector. Learn more about your ad choices. Visit megaphone.fm/adchoices