GSAM's Calnon on Markets, Investment Strategy

Watch on YouTube ↗  |  April 23, 2026 at 14:28  |  7:04  |  Bloomberg Markets
Speakers

Summary

Greg Calnon of Goldman Sachs Asset Management discusses market resilience driven by strong US economy and corporate earnings, but highlights the AI investment theme as a persistent driver. He sees opportunities in emerging markets, US small caps, and battery makers amid geopolitical risks and market broadening. The interview also covers inflation outlook and Japan's Nikkei reaching new highs.

  • Markets continue to grind higher despite geopolitical tensions and AI uncertainty.
  • US economy and corporate earnings remain supportive with double-digit earnings growth.
  • AI infrastructure investment is a real trend with more room to run, driven by hyperscaler spending.
  • Clients are exploring broadening opportunities in EM equities, EM debt, and US small caps.
  • Geopolitical risks in the Middle East accelerate the shift to alternative energy and battery makers.
  • Inflation is expected to pick up but markets can look through temporary pressures.
  • Nikkei 225 hits record high above 60,000, driven by AI and chip-related stocks.
  • Downside protection and income generation remain key portfolio considerations.
Trade Ideas
Greg Calnon 2:15
AI infrastructure investment still has room.
After a period of less acceleration in AI tech, there is an opportunity to reenter because 40% of S&P earnings come from AI infrastructure investment, and that investment has more room to run. The AI trend is real and persistent, driven by massive capital spending by hyperscalers on chips, power sources, and data centers.
AI-related equities HIGH
Greg Calnon 2:40
EM debt offers broadening opportunity.
Clients are also focused on emerging market debt as part of the broadening opportunity in global markets.
EMB MED
Greg Calnon 2:40
EM equities offer broadening opportunity.
Clients are asking about broadening equity markets beyond AI, and there is opportunity in emerging market equities as part of that broadening theme.
EEM MED
Greg Calnon 2:40
US small caps offer broadening opportunity.
US small caps are another area of opportunity as equity markets broaden, providing diversification beyond large-cap tech.
US small cap equities MED
Greg Calnon 3:44
Battery trade has momentum from energy shift.
The closure of the Strait of Hormuz and ongoing geopolitical risks are accelerating the shift to alternative energy. Battery makers, in particular, have momentum and we expect significant acceleration in this trade.
LIT HIGH
Up Next
7:45
How the Mideast War is Affecting the Trump-Xi Meeting
Bloomberg Markets · Apr 23
1:48
Goldman Expects Global Oil Inventories to Hit a Record-Low
Bloomberg Markets · Apr 23
1:12
US Jobless Claims Rise to 214,000 With Layoffs Limited
Bloomberg Markets · Apr 23
2:02
Trump Tells Navy to Shoot Any Boats Laying Mines in Strait of Hormuz
Bloomberg Markets · Apr 23
0:56
Ping Pong Robot Uses Agentic AI
Bloomberg Markets · Apr 23

This Bloomberg Markets video, published April 23, 2026, features Greg Calnon discussing AI-related equities, EMB, EEM, US small cap equities, LIT. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Greg Calnon  · Tickers: AI-related equities, EMB, EEM, US small cap equities, LIT