Goldman Sachs Identifies Stocks With Low AI Exposure Amid Narrow Market Rally

Goldman Sachs is pointing investors toward a set of Russell 1000 stocks that derive little of their recent returns from artificial intelligence or broader macroeconomic momentum, as the S&P 500 and Nasdaq Composite continue to set record highs largely on the back of the AI trade.

The firm's chief U.S. equity strategist outlined the thesis in a May 15 report, noting that the convergence of AI and momentum factors has made the equity market feel like a single concentrated bet rather than a diverse field of opportunities.

"With AI and Momentum moving hand in hand and driving the direction of the S&P 500, many investors have expressed the view that the equity market today is 'one big trade' rather than 'a market of stocks,'" the strategist wrote.

The report identified stocks with low price sensitivity to both AI sentiment and the market's pricing of U.S. economic growth, while also screening for names that have recently seen positive earnings revisions from analysts.

Goldman Sachs nonetheless maintained that fundamental earnings growth remains the right frame for stock selection, regardless of what is driving those earnings. "We believe investors should continue to focus on equities with fundamental support from earnings growth and revisions, whether those earnings are driven by AI or other tailwinds," the strategist wrote.

Eli Lilly appears among the highlighted names. The pharmaceutical company's shares have slipped roughly 1% in 2026, and Goldman estimates that only about 9% of the drugmaker's recent returns have been attributable to the U.S. economic outlook and AI. Morgan Stanley reiterated an overweight rating on Lilly earlier this month, with analyst Terence Flynn setting a price target of $1,344 — implying upside of 26.2% from where shares closed last Friday. Flynn cited accelerating GLP-1 obesity adoption and consecutive quarters of sales beating consensus estimates as key drivers, adding that 2026 consensus estimates "may still prove conservative."

Cybersecurity company Fortinet also makes the list, despite being a far stronger performer. Shares have surged 68.7% this year, though Goldman attributes only 19% of that return to AI and the economic outlook. BTIG analyst Gray Powell upgraded Fortinet to buy from neutral earlier this month following what he described as a "blow out Q1 print," noting that revenue came in 7% ahead of Street expectations and operating income ran 22% above forecasts. Shares closed at $133.93 last Friday, already above Powell's $125 price target. "All in, we are now more confident in FTNT's ability to sustain mid-teens revenue growth over the next few years," Powell wrote.

Pet food and supplies retailer Chewy rounds out the group of names receiving analyst attention. Goldman sees AI and the economic outlook accounting for just 11% of Chewy's recent price movements. The stock has fallen 37% this year and closed at $20.73 on Friday. Wolfe Research analyst Shweta Khajuria, who carries an outperform rating on the Plantation, Florida-based company, set a price target of $39 — nearly double the current share price. Khajuria acknowledged near-term risk around the company's fiscal year 2026 guidance but argued that "current price reflects the downside/conservatism."

The Goldman report arrives as the S&P 500 and Nasdaq have each reached multiple intraday and closing record highs in 2026, with the most recent records set the week of May 19. The concentration of returns in AI-linked names has drawn increasing scrutiny from portfolio managers seeking diversification without abandoning equities altogether.

Whether the non-AI cohort can sustain analyst optimism will depend in large part on upcoming earnings cycles, which will serve as the clearest test of whether fundamental support can hold independent of the dominant technology trade.

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