Asked about market froth and potential drawdown given Solomon's October comments about technology acceleration cycles
Leslie Picker
David Solomon
Acknowledges market volatility but remains super excited about AI technology and long-term productivity gains; expects adoption pace to be slower than market anticipates
Questioned concerns about debt financing and whether slow adoption could threaten debt obligations
Leslie Picker
David Solomon
Distinguishes between hyperscalers with strong cash flow versus riskier private capital formation; not concerned about data center financing which resembles real estate deals
Asked about AI's deflationary impact and economic risks if trend reverses
Leslie Picker
David Solomon
Emphasizes AI as long-term secular trend, not reversing; expects extraordinary productivity gains over 15-year horizon but acknowledges short-term volatility
Questioned private credit's role in data center financing and reputational concerns around asset marks
Leslie Picker
David Solomon
Differentiates various credit risks; emphasizes underwriting discipline and process management; notes current strong performance but expects differentiation during economic contraction