Goldman Sachs Bdc, Inc

Strong Q1 results — EPS of $17.55 vs. $16.49 expected — reflect a cyclical recovery in advisory and equity underwriting, with a high-profile IPO pipeline providing further tailwind.

While AI democratizes 90% of financial analysis, Goldman's CIO argues the 'extra 10%' — proprietary data, multi-asset correlation, and on-the-ground presence in 100+ countries — is what sophisticated clients pay for and cannot be replicated.

Goldman's CIO argues that software tied to stable, regulated processes like accounting will endure, while developer lifecycle tools and simple UX wrappers face existential risk as the buy-vs-build equation shifts dramatically toward build.