Goldman Sachs Adds Six Stocks to August Conviction List, Expands AI Focus to Consumer and Industrial Sectors

According to潮向 Research, Goldman Sachs released its monthly update to the Conviction List on August 3, adding Applied Materials (AMAT), Delta Air Lines (DAL), Microsoft (MSFT), O'Reilly Automotive (ORLY), Viking Holdings (VIK), and UPS, while removing Broadcom (AVGO), Dick's Sporting Goods (DKS), Johnson & Johnson (JNJ), and ServiceNow (NOW). In July, the S&P 500 Equal Weight Index outperformed the S&P 500 Index by approximately 435 basis points, with index correlation dropping to its lowest level in nearly a decade. Goldman Sachs believes that the stock selection environment is improving following the unwinding of AI momentum trades, with the newly added stocks spanning six sectors: semiconductor equipment, airlines, logistics, automotive parts, cruise lines, and enterprise software. MSFT and AMAT align with the AI infrastructure thesis, while the four non-AI additions reflect bets on economic and consumer resilience. The four removed stocks remain rated Buy; their removal reflects the committee’s view that more attractive opportunities currently exist within the list.