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According to Cnbc, Goldman Sachs’ equities business was the largest driver of growth in the latest quarter, with revenue surging 72% to a record $7.42 billion. The result helped Global Banking & Markets generate $15.5 billion in revenue, more than 75% of the bank’s total quarterly revenue.

Goldman’s investment banking revenue rose 55% to $3.4 billion, while fixed income, currency and commodities revenue increased 32% to $4.6 billion. The bank has sought to connect clients across its investment banking, wealth management and equities services after years of investment and a strategy shift inside Global Banking & Markets.

Kevin Kelly, Goldman’s global co-head of client coverage for Global Banking & Markets and global co-head of equities, said the equities operation helps institutional and wealth clients transact in cash equities and derivatives, while also providing financing, shorting, futures, clearing and custody services for different client segments.

Kelly said client activity has reflected a market focused on artificial-intelligence winners and losers. Over the past six to eight weeks, he said, investors have reduced some exposure to the AI theme and diversified into other areas, while remaining overweight the theme. Goldman’s net portfolio exposure to semiconductors and semiconductor-capital-equipment companies rose from 10% at the start of the year to 24% before falling to about 18%.

He pointed to strong earnings revisions, resilient consumers, corporate activity and the AI capital-expenditure cycle as tailwinds. Kelly also cited high single-name volatility, which has encouraged clients to hedge and adjust positions, and investments in Goldman’s Asia equities franchise. Looking ahead, he said the firm is building diversified client and product businesses to help support resilience through shifts in activity.