Goldman Sachs Lists 3 Non‑AI Investment Themes
In a research note released to investors, Goldman Sachs highlighted 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 interest toward areas with limited exposure to AI momentum, while the equal‑weight S&P 500 continues to set new highs and overall stock correlations have fallen to multi‑decade lows.
The first theme, consumer experience companies, is expected to benefit from continued spending on travel, entertainment and leisure. Goldman pointed out that demand for physical experiences remains resilient and relatively insulated from AI disruption. The group has outperformed the equal‑weight consumer discretionary sector this year, yet its valuation still sits below its long‑term average.
The second theme focuses on high‑quality “compounders.” These are firms that exhibit strong earnings growth, robust returns on capital and healthy balance sheets. Although compounders have lagged the broader market despite superior fundamentals, they are now trading near decade‑low relative valuations, presenting a potential upside opportunity.
The third theme identifies potential M&A candidates. Goldman reported that announced U.S. deal activity has reached $1.2 trillion so far in 2026, representing a 32% increase over the same period last year. Despite this surge in merger activity, the valuations of likely acquisition targets have not yet fully reflected the heightened deal flow.