Goldman Sachs NYSE:GS, a global investment bank and asset-management company, rose approximately 3.2% in Thursday's regular-session trading as investors assessed the launch of its AlphaAI investment platform. Goldman Sachs Asset Management created the platform to use artificial intelligence across its public- and private-market businesses. An internal company memorandum reviewed by Reuters described AI as both an industry-changing technology and a tool capable of multiplying the effectiveness of the firm's investment process.
Goldman appointed Lou D'Ambrosio as chairman of Artificial Intelligence for Asset Management to lead AlphaAI. D'Ambrosio founded Goldman's Value Accelerator in 2018 and chairs its AI Investing Leadership Council. He has also served as chief executive of publicly traded and privately held companies, providing operational experience that Goldman could apply when evaluating AI's effect on portfolio businesses.
Darius Adamczyk, who previously co-led the Value Accelerator, will assume global leadership of that operation as D'Ambrosio moves to AlphaAI. The Value Accelerator uses Goldman's network and operating resources to help portfolio companies pursue growth and improve business performance. AlphaAI could extend that approach by incorporating AI into investment research, portfolio management and value-creation initiatives, although Goldman did not disclose financial targets or assets committed to the platform. Investors may now assess whether AlphaAI attracts new client capital, improves investment performance or produces measurable efficiency gains within Goldman's asset-management operation.