The AI boom just found two new winners: Goldman Sachs and JPMorgan Chase

Goldman Sachs and JPMorgan Chase each posted record quarterly revenue on Tuesday, marking Wall Street's largest banks as direct beneficiaries of the artificial intelligence boom alongside tech and semiconductor firms. The results were driven by surging trading activity and investment banking fees tied to AI-related deals and market volatility.

Both GS and JPM demonstrated that the AI wave is broadening beyond traditional tech winners, with the banks capturing revenue from underwriting, M&A advisory, and heightened client trading around AI plays. The record quarters signal that capital markets infrastructure—not just chip makers and cloud providers—is monetizing the buildout phase of generative AI adoption.

The earnings underscore a shift in how AI tailwinds flow through the financial system. While Nvidia and hyperscalers have dominated the narrative, bulge-bracket banks are now posting concrete evidence of AI-driven deal flow and volatility premiums.