offering the clearest evidence yet that the artificial intelligence investment cycle is generating substantial profits for Wall Street’s largest firms well beyond the technology sector. Goldman Sachs reported revenue of $20.3 billion, a 39 percent increase from the same period a year earlier, while JPMorgan Chase posted $58 billion, up 27 percent. JPMorgan chief financial officer Jeremy Barnum told reporters that AI is “everywhere in financial markets,” describing a “very, very, very active environment” driven by large initial public offerings, index rebalancing and heightened activity in Asia, much of it downstream of the AI theme. Goldman chief executive David Solomon characterized the moment as an “AI capex super cycle” creating a “ripple effect” across the economy, with chief financial officer Denis Coleman adding that financing demand spans every instrument, region and industry. Solomon said the firm is preparing for a three-to-five-year investment cycle still in its early stages.

The surprise was concentrated in equities trading, where revenue at JPMorgan surged 86 percent to $6 billion and at Goldman rose 72 percent to $7.42 billion, a combined $4.4 billion above analyst estimates. Investment banking advisory revenue also exceeded expectations, climbing 55 percent to $3.4 billion at Goldman and 30 percent to $3.3 billion at JPMorgan, together beating forecasts by roughly $1 billion. Bank of America, the second-largest U.S. lender by assets, reported a 70 percent jump in equity trading revenue to $3.6 billion. Soofian Zuberi, president and co-head of global markets at Bank of America, told CNBC that investors have broadened their search for AI beneficiaries, directing capital toward South Korea, Taiwan and Japan as U.S. foundations, endowments and family offices diversify allocations.

Wells Fargo analyst Mike Mayo said the AI investment boom “reached a tipping point” in the second quarter and identified Goldman, JPMorgan and Morgan Stanley as the primary beneficiaries. Mayo raised his price targets for Goldman and JPMorgan following the results. Morgan Stanley is scheduled to report earnings on Wednesday, providing the next test of whether the breadth of AI-driven capital flows is sustaining momentum across the sector.

Shares of Goldman rose 8 percent in afternoon trading while JPMorgan gained 2 percent. The market reaction underscores a shift in perception: the AI buildout has expanded from chips and software into power generation, data-center infrastructure and the financing structures that support them, turning the biggest Wall Street firms into direct participants in the cycle rather than mere observers.