A Goldman M&A Banker Helped Bring the Olympics to Los…

PodcastOdd LotsGene SykesSep 19

The discussion links Los Angeles’ 2028 Olympics to its existing infrastructure, privately funded model, ticketing strategy, sponsorships, media rights, and expected scale. It also examines AI’s uneven effect on corporate earnings, M&A, advisory work, media, and startup outcomes, including the possibility of an infrastructure bubble. The guest expects Anthropic and OpenAI to remain independent if their platforms prove durable, while existing content catalogs may gain value as AI creates new uses.

Artificial Intelligence Corporate Earnings Venture Capital

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Key Takeaways

Los Angeles is positioned to host the 2028 Olympics with a relatively low new-construction burden because existing sports infrastructure and UCLA housing can support a privately funded model. The plan also relies on operational measures such as Olympic lanes and centralized digital ticketing to manage traffic and venue access.

The combined Olympic and Paralympic Games represent a substantial commercial platform, with 17,000 athletes, roughly 900 medal events, and 15 million tickets—more than twice the World Cup’s 6.5 million tickets. Strong initial demand despite premium pricing, NBC’s media-rights payments of at least $1.5 billion per Games, and global and domestic sponsorships underpin the event’s revenue model, while advertising restrictions preserve a clean field-of-play presentation.

The guest presents major sporting events as both commercial and reputational assets: he says the World Cup improved Americans’ view of soccer and created a highly positive image of the United States among visiting fans. He also notes that the Olympics reach a comparatively more female audience than single-sport events such as the World Cup.

AI investment is advancing much faster than measurable earnings benefits: spending is driving M&A across resources, power generation, and semiconductors, yet only 2% of companies have reported a positive EPS impact from AI even as 20% to 30% have adopted operational strategies. The guest says AI may improve M&A advisers’ ability to synthesize information and test judgments, but that infrastructure spending could still produce a bubble.

GEO-POLITICS

Los Angeles Games — Los Angeles initially bid for the 2024 Olympics but was awarded the 2028 Games. Existing regional sports infrastructure and UCLA’s ability to house athletes support a privately funded model that avoids building many new venues or an Olympic village.

“So I was the head of the bid when we bid for the games for Los Angeles originally for 2024…”—

TECHNOLOGY

Digital Ticketing — Olympic ticketing is being centralized through one app, with half of the tickets already sold and the next availability scheduled for the following year. The digital process is intended to reduce the need for multiple sites and limit lines at venues.

“Literally 0.5 the tickets have already been sold. So you register want for the tickets. The next time the tickets are available is next year…”—

AI Infrastructure — AI infrastructure investment is driving M&A across resources, power generation, and semiconductors as companies seek proprietary technology. Major technology platforms, rather than primarily venture capital, are financing much of the buildout. The guest says the infrastructure may eventually be used, but its scale could still produce a bubble.

“And you think about every industry, resources or power generation, they're experiencing the same thing, again, because they're building the infrastructure for AI…”—

Startup Endgames — The guest says roughly 80% of startups ultimately sell themselves. The approximately 20% that become sustained independent companies tend to have something highly differentiated.

“Well, every startup, even in AI, has to think to themselves, What's the endgame? And for 80% of the startups, the endgame is selling themselves to somebody else.”—

ECONOMY

Olympic Traffic — The guest says Los Angeles traffic during the 1984 Olympics was manageable because advance information changed commuter behavior. For 2028, planned Olympic lanes—currently high-occupancy vehicle lanes—are intended to help keep traffic moving.

“People said the same thing about the 84 games. You know, we hosted the games in 1984…”—

MARKETS

Olympic Experience — The guest defines a successful Olympic Games as a memorable, unique spectator experience. He also says the Olympics’ audience skews more toward women than men compared with single-sport events such as the World Cup.

“Successful Olympic Games has to be a game that everyone says, I'll never forget this. This is an incredible experience, and I only saw it here…”—

Games Scale — The combined Olympic and Paralympic Games are expected to include 17,000 athletes, roughly 900 medal events, and 15 million tickets, compared with 6.5 million World Cup tickets.

“By comparison, in the Olympic and Paralympic games, when you put the 2 together, we'll have 17,000 athletes, we'll have something like 900 separate events, metal events. It's enormous…”—

Ticket Demand — Initial Los Angeles Olympics ticket demand has been exceptionally strong, with tickets selling immediately despite premium pricing. The guest says prices are set by the market and that many additional ticket sales will still be needed to pay for the Games.

“The ticket sales, 1st of all, have been incredibly positive. As soon as they were offered, everything was sold. And you said they're high priced…”—

FORECASTS

AI Company Independence — The guest expects Anthropic and OpenAI to remain independent because they are nearly too large for another company to acquire. He says their long-term independence depends on confidence in a durable platform.

“I think we'll see, obviously, Anthropic and OpenAI be independent companies. They're almost too big for anybody to buy. And so that's the other part of this…”—

Los Angeles Olympics Model

Gene Sykes describes his Goldman Sachs and Olympic roles, defines a successful Games, and explains why Los Angeles can rely on existing venues and UCLA housing.

Olympics Scale And Logistics

The Los Angeles Games will involve 17,000 athletes, roughly 900 medal events, 15 million tickets, extensive traffic planning, and Olympic lanes.

Olympic Attendance Outlook

Sykes reports exceptionally strong ticket demand, defends premium pricing, and predicts the 2028 Games will become a historically significant global event.

AI Drives Record M&A

Goldman Sachs expects a record M&A year as companies pursue AI infrastructure, semiconductors, power, and resources, while most startups still seek eventual acquisition.

Enterprise AI And Media

Only a small share of companies report earnings impact from AI, but adoption is changing advisory work, creative production, and the value of established content catalogs.

M&A Cycles And Deal Structure

Sykes discusses pro-deal corporate sentiment, the risk of infrastructure overbuilding, and why nominal mergers usually become acquisitions with consolidated leadership.