Stock markets are due a "drawdown" in the next year or two after years of being propelled to record highs by an AI frenzy, according to Goldman Sachs CEO David Solomon.

"Markets run in cycles, and whenever we've historically had a significant acceleration in a new technology that creates a lot of capital formation, and therefore lots of interesting new companies around it, you generally see the market run ahead of the potential … there are going to be winners and losers," he said at Italian Tech Week in Turin, Italy, on Friday.

Solomon pointed to the mass adoption of the internet in the late 1990s and early 2000s, which led to the emergence of some of the world's largest companies — but also saw investors lose money to what became known as the "dotcom bubble."

"You're going to see a sim

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