# Goldman suggests non‑AI stocks as AI rally stalls, lists consumer and

**Published:** 2026-07-28T08:28:27.678Z  
**Topic:** S P 500  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/272b4904-f549-4fb2-9018-9523f6ffba95

Goldman warns AI‑heavy chips are volatile, S&P fell 1.6% and Nasdaq 2.9% last week; recommends consumer‑experience and discount “compounder” stocks as

A sharp 1‑2 sentence LEDE (no heading) that leads with the most important concrete
fact and makes the stake clear.  

Goldman Sachs flagged a 1.6% drop in the S&P 500 and a 2.9% slide in the Nasdaq Composite last week as AI‑focused chips surged 150% year‑to‑date, prompting the firm to recommend a set of “consumer experience” and “compounder” stocks that are less tied to AI spending [2][1].

**At a glance**  

| At a glance | |
|---|---|
| S&P 500 weekly change | –1.6% |
| Nasdaq Composite weekly change | –2.9% |
| AI‑related ETF (Global X) weekly change | –7.5% |
| SOX index YTD gain | +150% |

## Market backdrop and Goldman’s view  

The week’s equity sell‑off was led by AI‑linked names, with the Nasdaq falling nearly twice as much as the broader market. The Global X Artificial Intelligence & Technology ETF, a barometer for AI‑related equities, tumbled 7.5% [2]. At the same time, the Philadelphia Stock Exchange Semiconductor Index (SOX) has rallied roughly 150% over the past year, underscoring the volatility of the chip segment that has been the primary conduit for AI capital expenditure [1].

Goldman’s asset‑allocation head, Christian Mueller‑Glissmann, said the “risk appetite indicator” has risen, driven initially by AI‑related capex and more recently by geopolitical factors such as the reopening of the Strait of Hormuz [1]. Yet he cautioned that bullish sentiment does not automatically translate into a bearish stance on the broader market, noting the risk of “setbacks and corrections if the market doubts these drivers” [1].

## Alternative themes: consumer experience and compounders  

To address investor demand for exposure outside the AI‑heavy arena, Goldman identified two thematic buckets:

* **Consumer experience** – stocks that benefit from ongoing consumer spending. Notable picks include Formula One Group Series (a Liberty Media tracking stock tied to the FIA Formula One World Championship) and Live Nation, which is expected to see double‑digit fan growth worldwide [2].

* **Compounders** – highly profitable companies trading at steep discounts relative to their earnings potential. Examples cited are MSCI (a financial‑services index provider) and Marriott International, both viewed as having strong moats and lower cyclicality, with analysts assigning buy or strong‑buy ratings [2].

These selections aim to provide diversification away from the “volatile part of the AI capex spectrum” represented by semiconductor makers, which have attracted heavy positioning through ETFs and options [1].

## What to watch  

- Upcoming U.S. earnings season: watch for guidance from the highlighted consumer‑experience and compounder stocks to gauge whether earnings growth can offset AI‑related volatility.  
- Semiconductor sector momentum: a sustained rally in the SOX index could reignite interest in AI‑linked chips, testing Goldman’s diversification thesis.  
- Macro‑risk indicators: any shift in the risk‑appetite gauge, especially related to geopolitical developments around the Strait of Hormuz, could alter market sentiment toward both AI and non‑AI themes.

The divergence between a soaring semiconductor index and a slipping broader market highlights the growing split between AI‑driven growth and more traditional value‑oriented investing. Whether Goldman’s alternative picks can deliver resilience amid AI volatility remains an open question for investors.

## Sources
1. Livemint — [Goldman sees big tech stocks turning attractive amid chip volatility...](https://www.livemint.com/market/goldman-sees-big-tech-stocks-turning-attractive-amid-chip-volatility-you-want-to-diversify-toward-hyperscalers-11782477441260.html)
2. CNBC — [Want to diversify away from AI? Goldman says look at these stocks](https://www.cnbc.com/2026/07/21/want-to-diversify-away-from-ai-goldman-says-look-at-these-stocks.html)
3. Fortune — [Sam Altman might be right: He’s not the only one who thinks the stock...](https://fortune.com/2025/08/19/sam-altman-stock-market-bubble-ai/)
4. Carsongroup — [How I’m Learning To Stop Worrying and Love the Bubble - Carson Group](https://www.carsongroup.com/insights/blog/how-im-learning-to-stop-worrying-and-love-the-bubble/)

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Cite as: TrendWatcher, "Goldman suggests non‑AI stocks as AI rally stalls, lists consumer and", https://www.trendwatcher.in/article/272b4904-f549-4fb2-9018-9523f6ffba95