Goldman Just Named 20 Stocks That Could Win Big When AI Starts Cutting Costs
TLDR
- Goldman Sachs has identified 20 Russell 1000 stocks most likely to benefit from AI-driven labor cost reductions
- Only 2% of S&P 500 companies quantified AIโs impact on earnings in Q2 2026, similar to Q1
- AI infrastructure stocks have driven roughly half of S&P 500 EPS growth so far this year
- Goldman estimates AI inference expenses are currently less than 0.5% of S&P 500 revenues, but spending is accelerating
- Academic studies cited by Goldman show a 20-30% labor productivity uplift where generative AI has been deployed
Goldman Sachs says the earnings boost from AI is still mostly coming from infrastructure companies, not the broader market. But that could be about to change.
Strategists led by Ben Snider found that even excluding โother incomeโ from private investment stakes, earnings per share growth for Q2 2026 is up 31% year over year. AI infrastructure stocks account for roughly half of that growth. The median S&P 500 company grew EPS by 14%.
Despite the strong numbers, Goldman says the impact of AI adoption on corporate earnings remains narrow. Just 11% of S&P 500 companies quantified AI productivity gains tied to a specific use case. Only 2% said AI had a measurable impact on earnings, about the same share as in Q1 2026.
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