Goldman Sachs Launches AMD-Linked Auto-Callable Securities

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for a new series of equity-linked securities tied to the performance of Advanced Micro Devices, Inc. (AMD). These auto-callable notes, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., are set to mature on October 12, 2028, with a pricing date of October 9, 2026, and an original issue date of October 15, 2026.

The securities offer a contingent coupon payment of at least $15.667 per $1,000 face amount, equivalent to an annual rate of approximately 18.80%, but only if the stock closing price of AMD meets or exceeds the coupon threshold price. The coupon threshold price is set at 60% of the starting price. Investors face potential automatic calls starting from April 2027 if AMD's stock price meets or exceeds the starting price on any monthly calculation day.

However, the securities come with significant risks. If not automatically called, investors could lose more than 40%, or even all, of their principal if AMD's stock price falls below the downside threshold price, which is also set at 60% of the starting price. The estimated value of the securities at issuance is expected to range between $900 and $930 per $1,000 face amount.

The offering price is $1,000 per security, with an underwriting discount of up to $23.25, leaving $976.75 in proceeds to the issuer. Goldman Sachs & Co. LLC and Wells Fargo Securities are involved in the distribution of these securities, which are not listed on any exchange and are intended to be held to maturity.