Goldman Sachs Highlights Three Non‑AI Investment Themes
In a Reuters‑published research note dated 18 July 2026, Goldman Sachs outlined three investment themes that are largely uncorrelated with the recent volatility in artificial‑intelligence‑related equities. The bank noted that sharp swings in AI infrastructure stocks have driven investors to seek opportunities elsewhere, while the equal‑weight S&P 500 continues to set new highs and overall stock correlations have fallen to multi‑decade lows.
1. Consumer Experience Companies
Goldman argued that firms delivering physical consumer experiences remain resilient and relatively insulated from AI disruption, benefiting from sustained spending on travel, entertainment and leisure. The suggested basket comprises hotel operators Marriott International (NASDAQ:MAR), Hilton Worldwide (NYSE:HLT) and Hyatt Hotels (NYSE:H); cruise operators Royal Caribbean (NYSE:RCL), Viking Holdings (NYSE:VIK) and Carnival Corporation (NYSE:CCL); entertainment firms Walt Disney (NYSE:DIS) and Live Nation (NYSE:LYV); casino operators MGM Resorts (NYSE:MGM), Las Vegas Sands (NYSE:LVS) and Caesars Entertainment (NASDAQ:CZR); and fitness provider Planet Fitness (NYSE:PLNT). The group has outperformed the equal‑weight consumer discretionary sector this year, yet its valuation remains below its long‑term average.
2. High‑Quality "Compounders"
The second theme focuses on companies with strong earnings growth, robust returns on capital and healthy balance sheets that have lagged the broader market despite superior fundamentals. Goldman listed Visa (NYSE:V), Mastercard (NYSE:MA), Booking Holdings (NASDAQ:BKNG), MSCI (NYSE:MSCI), DexCom (NASDAQ:DXCM), Insulet (NASDAQ:PODD) and On Holding (NYSE:ONON) as exemplars, noting that these stocks trade near decade‑low relative valuations.
3. Potential M&A Targets
The third theme identifies firms that could become acquisition candidates as U.S. deal activity has surged to $1.2 trillion year‑to‑date, representing a 32 % increase over the same period last year. Goldman cautioned that valuations of likely targets have not yet fully reflected this pickup in merger activity. Companies highlighted include Imax (NYSE:IMX), Okta (NASDAQ:OKTA), Nutanix (NASDAQ:NTNX), Dynatrace (NYSE:DT), HubSpot (NYSE:HUBS), SentinelOne (NYSE:S), Freeport‑McMoRan (NYSE:FCX), ConocoPhillips (NYSE:COP), Occidental Petroleum (NYSE:OXY) and Diamondback Energy (NASDAQ:FANG).
Market Context
Goldman emphasized that the equal‑weight S&P 500’s continued ascent and the historic low in stock correlations provide a backdrop for these themes, suggesting that investors can diversify away from AI‑centric momentum while still capturing growth in resilient consumer sectors, fundamentally strong compounders, and a robust M&A pipeline.