TechFlow News, according to Chaoxiang Research, Goldman Sachs' July 17 report pointed out that sharp volatility in AI infrastructure stocks has prompted investors to seek non-AI directions. Over the past three months, the annualized volatility of Goldman Sachs' momentum factor reached 36%, hitting the highest level in 45 years of non-recession periods, while S&P 500 individual stock correlation fell to a historical low of 0.14. Goldman Sachs screened three themes with extremely low correlation to the momentum factor:
In terms of consumer experience stocks, 36 targets have risen 17% this year, with 12x expected EBITDA at a historical low. Representative companies include Carnival Corporation (CCL), Marriott International (MAR), and MGM Resorts (MGM).
In terms of high-quality compounding stocks, the EPS growth of 15 targets is twice that of the S&P 500, with 22x PE at a near 10-year low. Representative companies include Visa (V), Booking Holdings (BKNG), and MSCI (MSCI).
In terms of M&A candidate stocks, U.S. M&A transaction volume reached $1.2 trillion this year, a 32% increase year-over-year, with 71 potential targets outperforming the Russell 1500 Index by 8 percentage points. Representative companies include ConocoPhillips (COP), Okta (OKTA), and HubSpot (HUBS).
