Goldman invests $500M in small business AI

Goldman Sachs is putting five hundred million dollars into the next phase of its 10,000 Small Businesses programme, including a new AI institute built with Anthropic, Google, Meta and OpenAI.

CEO: frontier models are not what we need

David Solomon, Goldman's chief executive, said at the launch that there is very little the bank does where it needs frontier models, though they matter for cybersecurity, defence and healthcare.

“There's very little that we do where we need frontier models.”

What the institute will teach and offer

The Small Business AI Institute will teach owners about AI, publish research on how they use it, and use AI to widen access to capital.Anthropic will run learning series and workshops.

Solomon advises owners to take their time

Solomon told owners not to rush into AI adoption, saying it is expensive and they do not need to master it in three weeks.

“I don't think that you have to look at the world and say, 'I've got to be the best at this; I have to have this figured out in the next three weeks.'”

Most owners spend little on AI so far

A Goldman survey of programme alumni in August found eighty six percent use AI in their business, up from fifty six percent in twenty twenty four.