On Main Street, Goldman Sachs makes a bet on AI

Americans are grappling with a deepening contradiction regarding artificial intelligence, using the technology daily while distrusting the institutions that build it. This tension is poised to influence voting behavior in the upcoming midterm elections, according to a national survey conducted by Outward Intelligence. Just 39 percent of Americans view AI as having a positive impact on society, while 44 percent see it as negative. Despite this skepticism, 41 percent of adults report using AI chatbots every day. Among those who believe AI harms society, roughly half still utilize these tools at least weekly. The disconnect mirrors historical patterns where consumers adopted social media, sports betting, and smartphones despite concerns about their societal effects. However, AI presents unique political challenges. About two-thirds of respondents indicated that a candidate’s stance on AI could sway their vote, with roughly one in six saying it would be decisive. Neither major political party has established strong credibility with independent voters on the issue. Nearly two-thirds of independents expressed doubt about either party’s ability to manage AI responsibly. Concrete opposition has emerged around data centers, the physical infrastructure powering the industry. More than half of surveyed Americans opposed the construction of a large data center near their homes, with nearly four in ten stating they would strongly object. Practical concerns dominated the objections. Rising electricity costs ranked as the primary worry, followed by water usage and environmental impact. In contrast, arguments regarding international competitiveness and economic growth ranked much lower in priority. This local resistance creates a political liability for candidates advocating for expanded AI infrastructure. Forty-two percent of voters said they would be less likely to support a candidate who strongly promotes building more data centers, compared to 27 percent who would be more likely. The divide is sharper among independents, where 49 percent opposed such a platform versus 19 percent who supported it. For residents, a proposed facility represents potential increases in utility bills and resource strain, whereas tech executives view it as an investment in the nation’s economic future. Amidst this consumer ambivalence, major financial institutions are aggressively promoting AI adoption among small enterprises. Goldman Sachs announced the launch of the Small Business AI Institute, a component of a $500 million expansion of its 10,000 Small Businesses program. The initiative partners with Google, Anthropic, OpenAI, and Meta to provide training and tools to entrepreneurs. David Solomon, CEO of Goldman Sachs, stated that businesses must embrace new technology to avoid falling behind. He noted that the bank expects significant financing activity in the sector. Sam Altman, CEO of OpenAI, described the current moment as pivotal, predicting that AI will trigger the largest boom in entrepreneurship history. He argued that the distance between conceiving an idea and executing it is shrinking rapidly. Goldman Sachs, whose stock price has tripled over the past three years amid AI-driven market gains, is positioning itself at the center of this transition. The bank recently led the initial public offering for Elon Musk’s SpaceX, which includes his AI ventures xAI and Grok. Reports indicate Goldman is also assisting with the anticipated IPO of Anthropic, the developer of the Claude chatbot. Critics within the financial sector warn that AI constitutes an investment bubble that could collapse, wiping out companies and jobs. Market cracks have appeared following recent record highs driven largely by Big Tech performance. Meanwhile, public sentiment remains critical of regulatory oversight. A recent NBC News poll found that 79 percent of respondents believed the government was insufficiently regulating AI. Additionally, 67 percent disapproved of how President Donald Trump handled the technology. Trump has favored loose federal regulations, arguing that excessive rules hinder innovation. President Trump recently suggested that data centers should generate their own electricity to alleviate grid burdens. Experts countered that only state governments possess the authority to mandate such requirements for private facilities. This policy debate occurs as anger over data centers becomes a rare area of bipartisan agreement among voters. Some small businesses that have already integrated AI face public backlash. Restaurants utilizing AI-generated food imagery have been criticized for producing low-quality content, often termed slop. Despite these headwinds, adoption rates among entrepreneurs are rising quickly. A survey of more than 2,400 graduates of Goldman’s small business program revealed that 86 percent were currently using AI in their operations, a sharp increase from 56 percent in 2024. Rechelle Balanzat, founder of the laundry service app Juliette, described her use of AI as a strategic advisor. She emphasized that the tools assist in preparation for meetings with professionals rather than replacing human expertise. Balanzat noted that AI helps her formulate more meaningful questions during interactions with accountants and lawyers. The political stakes extend beyond individual preferences to broader questions of accountability. AI companies seek substantial public trust as they develop systems capable of reshaping employment, education, and the economy. Their infrastructure investments directly affect communities nationwide. Voters are actively weighing who benefits from this technological shift, who bears the associated costs, and who remains accountable for the outcomes. The coming election cycle will test whether politicians can bridge the gap between promising innovation and addressing immediate local concerns about energy and governance.