John Waldron, Goldman Sachs President & COO: Rooting for the English Majors

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你好，歡迎來到 Inside Blackstone，

Hello, and welcome to Inside Blackstone,

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我們將來自各公司的數據和見解整合在一起，為您提供

where we bring together data and insights from across our companies to offer you

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對當前真實經濟狀況的更全面了解。

a fuller picture of what's happening in the real economy right now.

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我是 Christine Anderson，全球企業事務負責人，

I'm Christine Anderson, Global Head of Corporate Affairs,

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接下來是節目安排。

and here's the lineup.

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在週一

In the Monday

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早會上，我們有 Amit Dixit，黑石集團亞洲私募股權負責人，

Morning Meeting, we have Amit Dixit, Blackstone's Head of Asia Private Equity,

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來談談亞洲正在進行的實體 AI 建設，

to talk about the physical AI buildout happening across Asia,

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包括目前最引人注目的發展之一，類人機器人。

including one of the most fascinating developments right now, humanoid robots.

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接下來是與 Winfield Sickles 的經濟天氣報告，

Then it's the Economic Weather Report with Winfield Sickles,

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隨後是主要活動，我與高盛的對話，

followed by the main event, my conversation with Goldman Sachs

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總裁兼首席運營官 John Waldron，談談 AI 如何重塑銀行業。

President and COO, John Waldron, on how AI is reshaping banking.

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最後，我們將與我們的全球私募股權負責人 Joe Baratta 進行簡報。

And finally, the debrief with our Global Head of Private Equity, Joe Baratta.

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現在，交給 Amit。

Now, over to Amit.

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幾天前，

A few days ago,

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我們為機構投資者舉辦了一個特別活動，

we hosted a special event for our institutional investors,

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代表著 39 萬億美元的資產，一些最具智慧的投資者

representing $39 trillion in assets, some of the most sophisticated investors

1:11

在世界上。

in the world.

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我覺得最有趣的演講之一來自我的同事，

One of the presentations I found most fascinating was from my colleague

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Amit Dixit，他負責我們的亞洲私募股權業務，並在公司工作了

Amit Dixit, who oversees our Asia private equity business and has been at the firm

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將近二十年。

nearly two decades.

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Amit 進行了一個關於亞洲正在發生的所有變化的演講，

Amit had a presentation on all of the shifts taking place in Asia

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以及這如何創造巨大的投資機會。

right now and how that's creating massive investment opportunities.

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由於 Amit 在紐約，

Since Amit was in New York,

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我想邀請他上節目分享重點。

I thought I'd bring him on the show to share the highlights.

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阿米特，很高興你能來。很高興在這裡。

Amit, great to have you with us. Great to be here.

1:34

好吧，告訴我你的演講亮點。

All right, hit me with the highlights on your presentation.

1:36

主要的主題是什麼？

What were the major themes?

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亞洲有三個重大變革。

There are three big disruptions in Asia.

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第一，實體人工智慧。第二，能源

One, physical AI. Two, energy

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安全。第三，國防，無人機。

security. And three, defense, drones.

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那麼，先談談實體人工智慧。

So, take physical AI for me for a second.

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為什麼亞洲是這個故事的中心？

Why is Asia at the center of the story?

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我給你一個數據點。

I'll give you a data point.

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印度的數據中心總容量約為一吉瓦。

The total data center capacity in India is about one gigawatt.

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換句話說，這比美國的一個城市還少。

To put that in perspective, that's less than one city in America.

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這比菲尼克斯或芝加哥的城市還少。

That's less than the city of Phoenix or Chicago.

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印度有8.5億人年齡在35歲以下。

India has 850 million people below 35 years of age.

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主要消費者，

Major consumers,

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Instagram、WhatsApp的最大用戶，世界第一，對吧？

largest users of Instagram, of WhatsApp, of use, number one in the world, right?

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在黑石集團，我們擁有最大的數據中心公司AirTrunk。數據中心

At Blackstone, we own the largest data center company, AirTrunk. And data center

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的建設，我會說，正在印度開始，

buildout is, I would say, starting in India,

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在發達的亞洲，如澳大利亞，已經相當先進，

it's already quite advanced in developed Asia, like Australia,

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但這方面的潛力是巨大的。

but the potential for that is enormous.

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你一直在說這仍然是未被充分開發的。

You've been saying it's still underpenetrated.

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因為，你看看自駕車，

Because, you look at autonomous vehicles,

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你看看無人機，看看數據中心。

you look drones, you at look data centers.

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一切都需要實體組件，而這些實體組件，

Everything requires physical components and those physical components,

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猜猜看？

guess what?

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來自亞洲。

Come from Asia.

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你提到的其中一件事

One of the things you spoke about

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是機器人產業和亞洲的情況。

was the robotics industry and what's happening in Asia.

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你看到什麼？

What are you seeing?

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在2026年上半年，

In the first half of 2026,

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97%的類人機器人

97% of humanoid robots

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是在亞洲生產的。

were produced in Asia.

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80% 的材料清單

80% of the bill of materials

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在全球任何機器人應用中，80% 的成本，

of any robotic application globally, 80% of the cost,

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材料清單來自亞洲。

the bill of materials, comes from Asia.

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哇。所以，我們將在亞洲看到一個重大的機器人故事

Wow. So, we're going to see a major robotics story

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發展，我想是這樣。絕對如此。

play out across Asia, I presume. Absolutely.

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所以，你提到的另一個主題是防禦。

So, one of the other themes you mentioned was defense.

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跟我談談目前的動態。

Talk to me a little bit about what's happening right now in the dynamics.

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首先是烏克蘭的戰爭，然後現在是中東，

The war first in Ukraine, then now in the Middle East,

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已經喚醒了所有政府

has woken up all governments

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因為這些無人機，

because these drones,

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相對便宜，卻非常有效。

which are relatively cheap, are so effective.

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想想看。

Think about it.

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你是日本政府。

You are the government of Japan.

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你花 5000 萬美元買一架飛機，

You buy an aircraft for $50 million,

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或者你花 5 萬美元買一千架無人機。

or you buy a thousand drones for $50,000.

3:56

對。

Right.

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每個政府都在做這個決定。而且

Every government is making that decision. And

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這在印度也在發生？

this is playing out in India?

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這在印度也在發生。

It's playing out in India.

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總之

In all

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亞洲呢？這在日本上演。這在韓國上演。到處都是，

of Asia? It's playing out in Japan. It's playing out in Korea. Everywhere,

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答案當然是。一千架無人機，

the answer is, of course. A thousand drones,

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對吧？

right?

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但這方面的投資不足。

But, it has been underinvested.

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所以這是個重大的頓悟

So that's been the big aha

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就像政府說讓我們在這個領域投資的那一刻

like the aw-shucks moment for the government saying let's invest in this area

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而這正在創造巨大的機會。

and that's creating a huge opportunity.

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謝謝你

Well, thank you

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非常感謝你分享重點並加入我們的《黑石內幕》。

so much for sharing the highlights and joining us on Inside Blackstone.

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謝謝，克里斯汀。很享受。

Thanks, Christine. Enjoyed it.

4:27

現在把時間交給溫菲爾德·西克爾斯，帶來經濟天氣報告。

And now it's over to Winfield Sickles with the Economic Weather Report.

4:34

今天我們將以問答的方式進行，溫菲爾德。

We're gonna do it Q&A style today, Winfield.

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期待著，克里斯汀。

Looking forward to it, Christine.

4:38

好吧，我們先從美聯儲開始。他們上週開會。

All right, let's start with the Fed. They met last week.

4:40

利率上升的重大消息，正如預期的那樣。

Big news with rates moving higher, as expected.

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投資者應該從中獲得的關鍵信息是什麼？

What's the key thing investors should be taking away from that?

4:45

所以，他們將利率提高了25個基點。

So, they hiked rates by 25 basis points.

4:48

這已經很好地反映在市場中，

That was well priced into the market,

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但我們對這次會議感到非常興奮，原因有兩個。

but we're pretty excited about this meeting for two reasons.

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第一，凱文·沃什似乎真的找到了自己的立足點。

Number one, Kevin Warsh seemed to really find his feet.

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他在講台上很自信，

He was confident at the podium,

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而且這是一個一致的決定：12比0。

and it was a unanimous decision: 12 to 0.

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