Goldman Sachs CEO Warns Inflation Could Sap Consumer Momentum but Remains Bullish on AI Investment

Global oil prices have climbed since the U.S.-Iran war broke out in late February 2026, with higher energy costs beginning to erode the real purchasing power of U.S. households. The consumer price index rose 3.8% year on year in April, above the 3.7% market forecast and marking its biggest increase in nearly three years. The data have put the Federal Reserve's rate-cut timetable and the resilience of consumer spending in the second half of the year in focus.

Goldman Sachs Chief Executive David Solomon told the Economic Club of New York on June 2, 2026, that U.S. consumer spending and corporate decision-making could weaken over the next six months if oil prices and inflation continued to rise. He nevertheless remained bullish on investment in AI and other emerging technologies. SpaceX is considering an initial public offering at a $1.75 trillion valuation and, together with OpenAI and Anthropic, could add nearly $4 trillion in market capitalization to public markets.