Goldman Sachs Group, Inc.

Record quarter across the franchise (and strong profitability metrics) - Q2 results (record): $20.3bn revenues, EPS $20.98, ROE 23.5%, ROTE 25.5%. - ROE/efficiency: first-half efficiency ratio 58.8%, improved ~320 bps YoY (implies strong operating leverage). - FICC & equities momentum: FICC net revenues $4.6bn (+32% YoY); Equities net revenues $7.4bn (record; +~86% implied by Q asks / management context, with strong activity). - Investment banking: Advisory revenues $1.4bn (+17% YoY) driven by higher completed volumes; overall Global Banking & Markets revenues $15.5bn (record).

Investment banking “flywheel” is accelerating (largest upside lever) - Deal activity surge: large-cap corporate M&A volumes up 90% in 1H 2026. - Leadership + backlog: backlog is now highest in 5 years (2nd highest on record), supported by record advisory backlog. - Scale in underwriting: Equity underwriting revenues $985m (+130% YoY); Debt underwriting $1.0bn (+75% YoY) with strongest leveraged/asset-backed activity. - Advisory-to-other businesses spillover (key “multiplier effect” narrative): management emphasized that advisory trust pulls financing, risk management, capital markets and wealth opportunities earlier into engagements.

AI infrastructure cycle is a major catalyst—management expects it to continue (but not smoothly) - Theme: AI buildout is “multi-year” and expanding from core tech into infrastructure, energy, data centers, creating financing/structuring/capital markets demand across public and private markets. - Outlook tone: they believe the firm is in the early innings of the AI cycle and expect elevated strategic activity and financing/capital formation to persist. - Durability caveat (important): CEO said cycles don’t go in a straight line—possible bump/recalibration over 6–18 months is possible due to uncertainty about infrastructure pricing, adoption, and demand; however they’re confident over a 3–5 year horizon and disciplined return expectations.