Good morning. David Solomon, chair and CEO of Goldman Sachs, leads one of the world’s most prominent investment banks and sees AI as a key growth driver, though he cautions the path ahead won’t be straightforward.

Speaking at the Economic Club of Washington, D.C., on Thursday in a conversation with Carlyle Group co-founder David Rubenstein, Solomon discussed the state of the U.S. economy, the impact of rising public debt, and the AI investment boom in front of a packed audience.

An outlook on growth

Goldman Sachs ( No. 32 on the Fortune 500) reported stronger-than-expected third-quarter earnings this month, driven by robust investment banking fees and trading revenue. When Rubenstein asked Solomon whether the U.S. faces a near-term recession, Solomon offered cautious optimism.

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