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If we break down the U.S. stock market performance so far this year, we can see a very important change underway.
Over the past two years, the simplest and most effective trading strategy in the market has been to buy AI. Anything related to artificial intelligence—whether GPUs, servers, networking equipment, optical modules, or data centers—would attract capital willing to assign higher valuations.
But by August 2026, this “buy everything AI” trade is clearly losing effectiveness.
Goldman Sachs’ latest market observations offer a judgment that deserves close attention: the AI trade has not ended, but it has shifted from the previous broad-based rally into a phase that depends more heavily on fundamentals, earnings expectations, and valuation mismatches.
In other words, the real money-making opportunities going forward may no longer come from simply hunting for “AI concept stocks,” but from identifying companies whose share prices have lagged significantly behind earnings expectations while their fundamentals continue to improve.
This is why Goldman Sachs currently sees particular tactical opportunities in the storage and data center sectors.
Even more noteworthy is that this shift in capital style is not limited to the AI space. European and Japanese banks, gold miners, copper mining stocks, and certain financial and hard-asset plays are also entering the field of view of institutional investors.
For U.S. equity investors, this may signal that a very important market regime shift is underway.
