Goldman Sachs: Don't Just Focus on AI, Three Themes Are Gaining Attention

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).