Goldman Sachs is urging investors to look beyond the artificial intelligence boom that has dominated equity markets over the past three years, arguing that leadership is beginning to broaden and that several non-AI investment themes offer compelling long-term opportunities.
In a research note led by Ben Snider, Managing Director and Chief U.S. Equity Strategist at Goldman Sachs, the bank outlined three investment themes largely insulated from the AI trade, saying signs of a broader market rotation are already emerging.
One of Goldman Sachs' highest-conviction ideas is the "experience economy," where consumer spending on travel, entertainment, and leisure continues to outpace broader discretionary spending.
According to the bank, spending on experiences increased 6% year over year in the first quarter of 2026, compared with 2% growth in overall consumer services spending.
Goldman analyzed 36 companies spanning industries including cinemas, entertainment, casinos, gaming, hotels, resorts, cruise operators, and leisure facilities. An equally weighted basket of these stocks has generated a 17% return year-to-date, outperforming the equal-weighted consumer discretionary sector by 17 percentage points.
Goldman also pointed to recent research by McKinsey, which found that the global market for consumer experiences expanded 2.6% between 2023 and 2025, significantly faster than the 0.8% growth recorded for discretionary goods.
Snider said the combination of resilient structural demand and relatively attractive valuations makes experience-focused businesses an appealing investment opportunity.
Goldman also highlighted a basket of 15 "compounder" companies selected from the Russell 1000 Index based on above-average earnings growth, free cash flow conversion, and returns on capital.
Although these businesses have delivered earnings-per-share growth at more than twice the pace of the S&P 500 over the past three years, they have underperformed the equal-weighted S&P 500 by roughly seven percentage points since the start of 2026 and are now trading at valuations close to historic discounts.
The bank believes the disconnect between earnings quality and market performance presents an attractive entry point for long-term investors.
Separately, Goldman Sachs is strengthening its presence in private markets by launching a new investment platform designed to broaden access to alternative assets for high-net-worth individuals.
According to an internal memo reviewed by Reuters, Matt Dougherty will lead the new alternatives platform while retaining oversight of the bank's existing alternatives business.
The initiative reflects the growing trend of high-growth companies remaining privately held for longer periods to capitalize on rising valuations before pursuing public listings.
As part of the restructuring, Goldman is creating a dedicated private-company investment team by combining its single-asset continuation investment business with its direct investment platform serving family offices.
The expansion comes after Goldman Sachs reported better-than-expected second-quarter earnings earlier this month, helped by record equity trading revenue amid heightened market volatility driven by the U.S.-Iran conflict and a recovery in investment banking activity.
The bank's latest strategy underscores a growing view on Wall Street that while artificial intelligence remains a powerful long-term theme, investors may increasingly find attractive returns in sectors and companies benefiting from broader economic and consumer trends rather than AI-driven momentum alone.
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