Goldman Sachs CEO David Solomon said Tuesday that investors have shifted decisively into “greed” mode as markets are poised to test an unprecedented fundraising wave for giant artificial intelligence firms.

Asked by CNBC’s Leslie Picker whether markets could support a string of massive equity offerings from the upcoming IPOs of OpenAI, Anthropic and SpaceX, Solomon said that there is ample capital available for the deals.

“There’s plenty of liquidity in the system if the world continues to remain as optimistic,” Solomon said. “We are definitely in a moment where there’s more greed than there is fear.”

Solomon’s comments come as investors prepare for what will be one of the busiest periods for equity issuance in years. The two leading AI model providers, as well as SpaceX, which includes Elon Musk’s AI company, could go public at trillion dollar-valuations just as other firms are seeking vast sums to fund data centers, chips and infrastructure, raising questions about whether markets can absorb the supply.

Solomon, whose bank is playing a key role in several of the deals, downplayed those concerns. Alphabet’s recent stock performance after announcing plans for an $80 billion equity raise was proof that markets are still receptive to AI, he said.

“The stock is trading very well,” Solomon said. “This is the first actual concrete data point for bringing something of this scale, and it’s encouraging.”

Robust equity and debt markets are prompting companies to raise money while markets are allowing it, he said.

“When capital’s available, if you’re capital consumptive and it’s available, take the capital,” Solomon said.

Solomon acknowledged that the fundraising wave is unprecedented in size, but argued that record levels of wealth and liquidity across markets support the activity. He also said gains generated by AI companies could create a self-reinforcing cycle as employees and investors recycle profits into taxes and new ventures.

Greed can “turn into fear very quickly, but that doesn’t mean it will,” Solomon said. “Exuberance can go on for big periods of time. …There’s a good chance that we’re earlier in the cycle than later.”