Goldman Sachs: Don’t just focus on AI—three themes are drawing attention

Deep Tide TechFlow news. According to a trend research report, on July 17, Goldman Sachs said that sharp volatility in AI infrastructure stocks has prompted investors to look for directions beyond AI. Over the past three months, Goldman Sachs’ momentum factor’s annualized volatility reached 36%, the highest level in the past 45 years of non-recessionary periods. The correlation among S&P 500 stocks fell to a historical low of 0.14. Goldman Sachs screened three themes with extremely low correlation to the momentum factor:

In the consumer experience stocks segment, 36 picks are up 17% this year, and their forward-looking EBITDA multiples are at historic lows at 12x. Representative companies include Carnival Cruise Line (CCL), Marriott International (MAR), and MGM Resorts (MGM).

In the high-quality compounding stocks segment, 15 picks have EPS growth rates twice that of the S&P 500, and they trade at 22x PE, near a 10-year low. Representative companies include Visa (V), Booking Holdings (BKNG), and MSCI (MSCI).

In the M&A candidate stocks segment, this year’s U.S. M&A deal value reached $1.2 trillion, up 32% year over year. Among 71 potential targets, 71 stocks outperformed the Russell 1500 index by 8 percentage points. Representative companies include ConocoPhillips (COP), Okta (OKTA), and HubSpot (HUBS).