How to find the "alpha" market trend of US stocks next year? Goldman Sachs provides investment guidance.

Goldman Sachs analysts said in a report that over the next six months, materials, software, and service industry stocks are most likely to outperform the market. Goldman Sachs strategist David Kostin said in a report on December 20th that they have introduced a model for US stocks to select industries that are expected to outperform the benchmark index by 5 percentage points or more, in order to identify industries with significant alpha potential. He said, "Our model incorporates macro, fundamental, and valuation data as independent variables. We run probability models for each industry separately, only including variables that are statistically and economically significant. Our model does not consider long-term themes such as fiscal policy changes or artificial intelligence." The model ranks materials, software, and service sector stocks the highest, and currently recommends overweighting healthcare, utilities, and real estate sector stocks. Goldman Sachs said, "Our model suggests a significant defensive overweight, partially due to the fact that the stock market has already priced in optimism about economic growth." The materials industry did not participate in the cyclical upturn this year, but some companies are expected to profit due to anticipated rises in gold and silver prices. Goldman Sachs said, "Weak U.S. economic growth and tariff risks pose a challenge to this industry. Materials underperformed during the 2018-2019 trade war, but the industry's lower initial valuation suggests that some pessimism is already reflected in prices." The software and service sectors are expected to benefit from the transition between stages of artificial intelligence adoption from building infrastructure like data centers to generating revenue supported by artificial intelligence. Goldman Sachs said, "Investors who may be skeptical of a company's ability to monetize artificial intelligence may shift their focus back to non-artificial intelligence long-term growth, potentially leading to increased demand for many software and service companies."