The a16z Show: David Solomon & Ben Horowitz on Building Organizational Resilience & Navigating Macro Uncertainty
Date: February 2, 2026
Host: Andreessen Horowitz
Guests:
- David Solomon (Chairman & CEO, Goldman Sachs)
- Ben Horowitz (Co-Founder, Andreessen Horowitz/a16z)
- David Haber (General Partner, a16z, moderator)
Overview
This episode of The a16z Show dives deep into how major institutions like Goldman Sachs and Andreessen Horowitz are building organizational resilience and navigating uncertainty, particularly in an era shaped by AI, regulatory shifts, and macroeconomic volatility. Chairman David Solomon and a16z co-founder Ben Horowitz reflect on their institutions’ histories, the transformations underway, and how leaders can future-proof organizations during times of rapid change. Practical insights on strategy, scale, technological adoption, M&A trends, and policy contention around AI and crypto are discussed candidly, punctuated by humor and personal anecdotes.
Key Themes & Discussion Points
1. Evolution & Culture of Leading Institutions
[03:25-09:57]
Goldman Sachs’ Partnership Culture and Strategic Growth
- Solomon explains Goldman’s unique legacy as a “brick-by-brick” entrepreneurially built firm, not the result of bank mergers:
- “The firm stayed a partnership much longer than any other real big Wall Street firm... until the last moment when it absolutely couldn’t be a partnership anymore.” – David Solomon [04:36]
- Even as a public company, partnership values persist:
- “We really strive to be the most exceptional financial institution in the world... We really sit on four core values of client service, partnership, integrity and excellence.” – Solomon [05:48]
- Key current focuses:
- Maintaining and building scale in a mature industry, especially versus large competitors (e.g., JP Morgan’s $4.5T vs. Goldman’s $1.9T balance sheet) [07:18]
- Securing stable funding with focus on deposits rather than wholesale funding [08:31]
- Future-proofing against strategic risks and embracing technology-driven change
Andreessen Horowitz’s Disruptive Venture Model
- Horowitz reflects on starting a16z post-2009 crisis, upending the venture model to prioritize founders:
- “The idea we had originally to get to top tier was to basically have a better product, a better product specifically for entrepreneurs.” [10:54]
- “Software is Eating the World” thesis—shifting from backing an elite 15 tech companies a year to scaling for a world where hundreds could succeed:
- “If software was going to eat the world... maybe that 15 is going to be 150.” [12:16]
- Emphasis on scale and relevance, not just for the firm but for society:
- “If you’re the leader of an industry, then the growth of that industry depends on you. You have to grow the market... a lot of the work we’ve done on policy for crypto... is like, how do we win?... How does the country win technologically?” [14:32]
2. Navigating Today’s Macro Environment
[16:07-20:43]
An Unusually Prime Economic Moment
- Solomon describes a “sweet spot” for financial and tech assets amid U.S. fiscal/monetary stimulus, capital investment surge, and deregulatory trends:
- “It’s just such a cocktail of stimulus that it’s very, very hard to slow the economy down... There’s enormous financial leverage that keeps the economy going.” [17:01]
- Risks remain: enduring inflation pain for Americans, multipolar geopolitics, social media-driven volatility [18:44]
M&A and IPO Outlook
- After a regulatory freeze in recent years, confidence and activity are rebounding:
- “For the last four years, whatever the question was, the answer was no. Okay? Now whatever the question is, the answer is maybe.” – Solomon [20:19]
- Predicts possibly “the biggest M&A year in history” and significant IPO pipeline, as growth companies rush to access capital for AI competition [20:43]
- Horowitz notes, “With AI, if you have data, particularly proprietary data, and you have enough GPUs, you can solve like almost any problem. It is magic, but it means you can throw money at the problem.” [22:42]
Memorable Exchange
- “Being a public company is a horrible thing... You just have to be okay with getting sued all the time. This is America.” – Horowitz [21:10]
3. Policy Battles: Crypto & AI Regulation
[23:47-29:01]
Crypto: Push for Clarity and Freedom to Innovate
- a16z has been highly active in D.C. pushing for balanced regulation:
- “Crypto is not just the most profound breakthrough in financial technology that we’ve seen, but a real breakthrough in just how society works.” – Horowitz [24:11]
- Describes aggressive government actions during the last administration; progress with the Genius Act and stablecoin legislation; prioritization of “Clarity Act” (Market Structure Bill) [24:49-26:02]
AI: Regulation Without Stifling Progress
- Concerns about over-regulation and the risk of ceding leadership to China:
- “If you ban the technology... I think we’re definitely going to lose the AI race to China, which has like massive, hundred-year implications.” – Horowitz [27:00]
- Key policy goals:
- Don’t regulate math—regulate application [27:24]
- Avoid a “patchwork” of conflicting state laws
- Enable broad data access for competitive AI, especially vs. China [28:27]
4. AI’s Role in Organizational Transformation
[29:01-34:57]
Internal Transformation and Client Impact at Goldman Sachs
- AI as productivity multiplier for staff and a driver of process reinvention:
- “Technology has... been making productive people more productive... This technology is another acceleration of that for sure.” – Solomon [29:17]
- Focus area 1: Make best tools/models available within regulatory limits
- Focus area 2: “Reimagine” and automate core business processes to free up capacity for growth investment (One GS 3.0 project) [32:09]
- “We spent $6B on technology. I would have loved to spend 8, okay? But if I spent 8, our returns would have been hundreds of basis points lower... If we can actually find $2B of efficiency around reimagining processes, then I can spend 8 and wind up with the same returns.” [31:57]
AI in Venture & Enterprise
- Horowitz: pace of enterprise AI adoption is slower due to organizational inertia, but potential is enormous:
- “We’re at the very, very beginning in the enterprise... Changing people and processes... is as complicated [as the technology].” [33:12]
- a16z uses AI internally for automation, analytics, and portfolio support
- Models in investing: potential and limits debated—can AI outperform, or just replicate, average behaviors? [33:57]
5. Rapid-Fire Close: DJ Preferences
[35:05-35:44]
A lighthearted close:
- Solomon: “John Summit is doing really, really cool things as a DJ... evolving the context of how big club house DJs do what they do.” [35:07]
- Horowitz: “I’m going to say DJ Jazzy Jeff... Very underrated because his partner, the Fresh Prince, became Will Smith.” [35:24]
Notable Quotes & Memorable Moments
- “If you’re the leader of an industry, then the growth of that industry depends on you. You have to grow the market. Nobody else is going to do it.” – Ben Horowitz [14:32]
- “Funding these enterprises is one of the big strategic risks... There are a lot of things you want to be the largest in the world. Wholesale funder, not one of them.” – David Solomon [08:31]
- “With AI... you can solve like almost any problem. It is magic, but it means you can throw money at the problem... you don’t just have a lead you can sit on.” – Ben Horowitz [22:42]
- “If you ban the technology... we’re definitely going to lose the AI race to China, which has like massive, hundred-year implications.” – Ben Horowitz [27:00]
Important Timestamps
- Goldman Sachs history & philosophy: [03:25–06:13]
- Goldman’s strategic challenges (scale, funding, tech): [06:13–09:57]
- a16z’s evolution & philosophy: [10:12–16:07]
- Macro environment outlook: [16:07–20:43]
- M&A and IPO trends discussion: [20:43–23:47]
- Policy battles: Crypto & AI: [23:47–29:01]
- AI’s internal impact & One GS 3.0: [29:01–33:00]
- Limits of AI in investing: [33:57–34:57]
- Rapid-fire DJ picks: [35:05–35:44]
Conclusion
This episode offers a candid, insightful exploration of how two iconic institutions are evolving to meet the demands of a world being rapidly reshaped by technology, shifting capital, and regulatory debate. Rooted in deeply-held organizational values but facing forward with clear-eyed ambition, both Goldman Sachs and a16z are actively forging resilience—not just to survive, but to lead the next era of innovation.