Goldman Sachs team claims that asset-intensive stocks perform better.

Goldman Sachs strategists pointed out that as investors seek safe havens that can avoid the disruptions caused by artificial intelligence, the stock performance of companies with tangible productive assets is better. The Goldman team stated that since early 2025, their selected capital-intensive stock portfolio has outperformed light capital companies that rely on labor or digital capital, outperforming by about 35%. The team, including Guillaume Jaisson, noted in a client report that investors are increasingly favoring stocks with the so-called "HALO effect" - stocks with heavy assets and low technological obsolescence risk, mainly concentrated in utilities, basic resources, and energy sectors. The team's selected European capital-intensive stock portfolio includes ASML Holding, Schneider Electric, LVMH, Air Liquide, and Airbus; while the light capital portfolio includes L'Oreal, Adyen NV, DSV AS, and Siemens Healthineers, among others.