NEW YORK / LONDON / MANILA — November 8, 2026 | WWC ONE MEDIA | Global Business, Investing, Wall Street and Financial Markets
Wall Street’s artificial intelligence boom is facing a major test, and Goldman Sachs is pointing investors toward opportunities beyond the technology giants that dominated the stock market’s recent rally.
With billions of dollars flowing out of AI-related shares and investors questioning the enormous cost of building data centers, the investment bank believes several companies outside the traditional technology sector still offer attractive prospects.
According to CNBC’s November 7 report, Goldman Sachs has maintained bullish recommendations on five companies spanning defense, financial services, travel and hospitality.
They are Huntington Ingalls Industries, Mastercard, Hyatt Hotels, Expedia Group and Chime Financial.
The recommendations come after a dramatic technology-stock selloff that erased trillions of dollars in equity-market value and renewed concerns about expensive valuations, corporate borrowing and the profitability of artificial intelligence investments.
But Goldman’s message is more nuanced than simply telling investors to abandon technology.
The bank is highlighting companies with business-specific growth opportunities that may not depend directly on continued enthusiasm for AI infrastructure.
That distinction could become especially important if investors continue shifting capital away from expensive semiconductor manufacturers, cloud providers and other AI-related businesses.
Could the next group of Wall Street winners emerge from shipyards, hotels, payment networks and travel platforms—or will the market’s volatility eventually pull these companies down as well?
Goldman Sachs Looks Beyond Technology as Wall Street Volatility Intensifies
The latest market downturn has forced investors to reconsider a strategy that worked exceptionally well during much of the AI boom: buying companies expected to benefit from rapidly expanding artificial intelligence investment.
Nvidia and other semiconductor companies became major beneficiaries of spending on advanced processors.
Cloud providers invested billions in computing infrastructure.
Technology companies borrowed substantial sums to finance facilities and equipment.
But investors have become increasingly concerned about whether those investments will generate sufficient revenue and profits.
Following the November 3 US midterm elections, the market faced additional uncertainty about possible changes to AI regulation, data-center approvals and federal policy.
As WWC ONE MEDIA reported on the $3.2-trillion Wall Street selloff, the November 5 market decline was one of the most severe of the year.
The Nasdaq Composite fell approximately 5.5%, while the S&P 500 declined about 4.4%.
The selloff was particularly damaging to companies closely associated with AI infrastructure.
Goldman Sachs believes investors should examine businesses outside that concentrated trade.
But the bank is not suggesting that every non-technology company is automatically safe.
Its recommendations focus on specific earnings prospects, competitive advantages and valuations.
1. Huntington Ingalls Industries: Goldman Sees Opportunity in America’s Shipbuilding Industry
One of Goldman Sachs’ highlighted companies is Huntington Ingalls Industries (NYSE: HII), a major American military shipbuilder.
The company builds and supports vessels used by the US Navy, including aircraft carriers and other sophisticated warships.
Goldman Sachs analyst Noah Poponak has maintained a Buy rating on the stock.
Following the company’s recent earnings announcement, Poponak pointed to double-digit revenue growth, improving margins and free cash flow that exceeded expectations.
Goldman also placed Huntington Ingalls on its Americas Conviction List.
The bank sees continued demand for naval vessels as a potential source of long-term growth.
Defense procurement programs can extend across many years, giving shipbuilders substantial order backlogs.
However, government demand does not eliminate operational risk.
Large military shipbuilding projects can experience delays, labor shortages, supply-chain problems and cost overruns.
The company’s financial performance also depends on federal budgets and the execution of major contracts.
Goldman considers its valuation attractive relative to other defense companies it follows.
The bank’s assessment is that the market may be underestimating Huntington Ingalls’ long-term earnings potential.
Its analysts believe earnings per share could approximately double between 2026 and 2030.
That is an analyst projection, not guaranteed earnings growth.
For investors seeking less direct exposure to AI infrastructure, the stock offers access to a different industry.
But it remains sensitive to defense spending and manufacturing execution.
2. Mastercard: A Payments Giant With Room to Grow
Goldman Sachs is also optimistic about Mastercard (NYSE: MA).
The global payments company operates a network connecting banks, merchants and consumers.
Its business benefits from electronic transactions, international spending and the continued shift away from cash.
Goldman analyst Will Nance reiterated his positive assessment after Mastercard reported results that exceeded earnings and revenue expectations.
Nance highlighted the company’s underlying business momentum and improving performance in the United States.
The bank believes Mastercard’s valuation leaves room for additional gains.
Mastercard benefits from the increasing use of digital payments across the global economy.
Its network handles transactions involving credit, debit and other payment products.
Unlike a traditional lender, Mastercard does not generally carry the same kind of direct consumer-loan exposure as a bank issuing credit cards.
That distinction can make its business model attractive to investors seeking exposure to spending activity without assuming the full credit risks of lending.
However, Mastercard is not immune to economic weakness.
Consumer spending can slow during recessions.
Cross-border payment activity may weaken when international travel declines.
The company also faces regulatory scrutiny over payment-network fees and competition.
Goldman’s bullish recommendation reflects its expectations about earnings and growth—not a guarantee that the stock will rise during a market downturn.
3. Hyatt Hotels: Goldman Raises Its Price Target to $215
Another company highlighted by Goldman Sachs is Hyatt Hotels (NYSE: H).
The global hotel operator has been expanding its portfolio while pursuing a business model that increasingly emphasizes management and franchise arrangements.
Goldman Sachs analyst Lizzie Dove raised her price target on Hyatt shares to $215 from $197 following the company’s latest financial results.
The bank maintained its Buy rating.
Hyatt reported stronger-than-expected operating performance, including growth in revenue per available room and hotel management-related fees.
Its earnings outlook also improved.
Goldman sees opportunities for additional growth through hotel development, international expansion and higher fees.
The bank has pointed to potential improvements in Mexico, Jamaica and the Middle East during 2027.
However, these opportunities come with risks.
The hospitality industry depends on consumer travel, corporate spending and economic confidence.
Hotel demand can weaken when households reduce discretionary expenses.
Geopolitical tensions, extreme weather and operational disruptions may also affect regional performance.
A $215 analyst price target represents Goldman’s assessment of potential future share value.
It is not a confirmed trading price or a promised return.
For investors looking beyond the AI trade, Hyatt offers exposure to travel and hospitality.
But it should not be confused with a traditional recession-resistant defensive stock.
4. Expedia: Strong Travel Demand and Business Partnerships Support Goldman Sachs’ Bullish View
Goldman Sachs has also identified Expedia Group (NASDAQ: EXPE) as an attractive opportunity.
The company operates online travel platforms and provides booking technology for other travel businesses.
Its portfolio includes consumer-facing brands and business-to-business services.
Expedia’s latest quarterly results exceeded Wall Street expectations.
For the third quarter of 2026, the company reported approximately $4.94 billion in revenue, up 12% from a year earlier.
Gross bookings increased to approximately $34.01 billion.
Room nights booked rose to about 115.7 million.
Its business-to-business division delivered particularly strong growth, with revenue increasing 23%.
The results prompted the company to raise its full-year revenue outlook to approximately $16.37 billion to $16.43 billion.
Goldman Sachs subsequently increased its Expedia share-price target to $320 from $310, while maintaining a Buy rating.
The bank pointed to stronger operating performance and continued expansion in business partnerships.
Expedia’s business-to-business operations are particularly important because they allow other companies to access travel inventory and booking technology.
That creates opportunities beyond direct consumer bookings.
However, online travel remains economically sensitive.
A slowdown in consumer spending, increased geopolitical tensions or weaker international tourism could affect bookings.
Expedia also faces competition from other travel platforms, hotels offering direct booking options and changes in online search behavior.
Goldman’s recommendation suggests confidence in the company’s commercial execution.
It does not establish that Expedia can avoid losses during a broad market downturn.
5. Chime Financial: Goldman Sees Growth in Digital Banking
The fifth company is Chime Financial (NASDAQ: CHYM).
Chime offers digital consumer financial services, including banking-related products delivered through technology platforms.
The company is part of the growing financial technology industry.
Goldman Sachs is optimistic about Chime’s ability to expand customer activity while improving operating margins.
Following its latest earnings report, analysts highlighted results that exceeded the company’s earlier expectations.
Chime also raised its full-year financial guidance.
Goldman’s investment argument focuses on the relationship between user growth, transaction revenue and improving profitability.
The company could benefit if existing customers increase their use of its products.
That may allow transaction-related revenue to expand faster than the customer base.
But Chime carries different risks from an established payments network such as Mastercard.
Its business depends on customer acquisition, consumer transaction activity, financial-service partnerships and regulatory compliance.
Competition in digital banking remains intense.
Traditional banks, fintech companies and financial technology platforms are all seeking consumers who prefer mobile-first financial services.
Chime is also more closely connected to technology than the other companies on Goldman’s list.
Its inclusion demonstrates that the recommendations are not strictly about avoiding every technology-related business.
Instead, Goldman is identifying companies whose earnings prospects may differ from the capital-intensive AI infrastructure trade.
Why These Five Stocks Are Different From the AI Trade
The five highlighted businesses operate in different industries.
Huntington Ingalls depends largely on military shipbuilding and government procurement.
Mastercard earns revenue through payment-network activity.
Hyatt provides hotel management, franchising and hospitality services.
Expedia benefits from travel bookings and business partnerships.
Chime operates in digital consumer financial services.
These companies do not rely primarily on selling advanced AI chips or constructing data centers.
That distinction is central to Goldman Sachs’ strategy.
When one group of stocks becomes extremely expensive, investors sometimes seek companies with different sources of earnings.
Such a shift is often described as market rotation.
Money moves from one sector or investment theme toward another.
However, sector diversification is not the same as eliminating investment risk.
All five companies can experience share-price declines.
Their valuations, financial results and competitive positions still matter.
Goldman Sachs Says Healthcare Could Offer Better Defense
The November 7 stock recommendations are consistent with a broader argument Goldman Sachs has been making about diversification.
In an official November 6 podcast, Goldman executive Lou Miller discussed how the midterm elections could reinforce changes in market leadership.
He said traditional defensive sectors such as consumer staples had become relatively expensive.
Healthcare, however, could offer investors a combination of defensive characteristics and improving earnings growth.
That is an important distinction.
A sector can be considered defensive because demand for its products is relatively stable.
But if its stocks trade at excessively high valuations, investors can still lose money.
Goldman’s approach therefore considers price as well as business resilience.
As technology shares come under pressure, investors may find opportunities in companies that were previously overlooked.
But selecting those businesses requires more than simply avoiding stocks associated with artificial intelligence.
Goldman Sachs Also Identified 23 Defensive Stock Candidates
In a separate October analysis, Goldman Sachs strategists led by Ben Snider examined companies positioned to perform relatively well if investors continued reducing exposure to growth stocks.
The bank screened 23 companies in healthcare and consumer staples.
Those included Tyson Foods, CVS Health, J.M. Smucker, Kroger, Cardinal Health, Abbott Laboratories and Colgate-Palmolive.
The screen considered characteristics such as free cash flow, volatility and the ability to convert operating earnings into cash.
Goldman believed these businesses could attract investors seeking earnings stability and more attractive valuations.
The analysis was separate from CNBC’s November 7 group of five companies.
The two should not be confused.
The earlier 23-stock screen emphasized defensive sectors.
The newer recommendations include cyclical travel businesses, a defense contractor and financial-services companies.
Both approaches reflect the search for opportunities outside the most crowded AI-related investments.
But their risk profiles are different.
Wall Street’s AI Selloff Is Exposing Concentration Risk
The broader concern involves the stock market’s growing dependence on a relatively small number of technology companies.
Large technology businesses account for a substantial portion of the value of major US equity indexes.
When those companies rise, they can lift the entire market.
When they decline sharply, the effect can be equally dramatic.
As WWC ONE MEDIA reported on the Nasdaq-100 entering correction territory, the technology-heavy index declined more than 10% from its previous peak.
A correction is commonly defined as a decline of at least 10%.
It does not automatically mean a prolonged bear market has begun.
Nevertheless, the decline has forced investors to reconsider the risks of concentrating too much capital in a single investment theme.
Even investors who own broad stock-market funds can have significant indirect exposure to the largest technology companies.
The issue is not whether those companies are successful businesses.
It is whether their share prices fully reflect the costs and uncertainties associated with future growth.
Hedge Funds Are Cutting Risk After Technology Losses
The selloff has also affected professional investors.
Reuters reported on November 6 that technology-focused equity long-short hedge funds suffered losses exceeding 4% during Thursday’s market decline.
Some funds reduced leverage and cut risk after significant losses.
Goldman Sachs data indicated that hedge funds had been forced to unwind positions amid extreme volatility.
The selling pressure may have been amplified by overlapping investments in popular technology shares.
When multiple funds attempt to reduce similar positions at the same time, share-price declines can intensify.
That makes diversification an important issue even for sophisticated investment managers.
As WWC ONE MEDIA examined in its report on private-credit redemptions and AI-related concerns, uncertainty about artificial intelligence has also affected parts of the broader financial system.
In private credit, investors have become concerned about loans to software businesses that could face disruption from new AI products.
That is a different issue from stock-market volatility.
But both developments illustrate the importance of understanding how much financial exposure is tied to one technology-related assumption.
Goldman Sachs Still Sees Major Opportunities in Artificial Intelligence
The bank’s preference for selected non-tech stocks does not mean Goldman Sachs has turned entirely bearish on artificial intelligence.
Chief Executive David Solomon recently expressed confidence in continued AI-related dealmaking.
As WWC ONE MEDIA reported on Solomon’s outlook for major AI transactions, the investment bank continues to see substantial demand for financing, mergers and strategic transactions involving the industry.
That provides important context.
Goldman Sachs can remain optimistic about long-term AI adoption while recommending that investors broaden their portfolios.
The two positions are not contradictory.
A technology may have enormous economic potential even when certain related stocks are expensive or vulnerable to short-term declines.
Investors must distinguish between the future importance of an industry and the price they are willing to pay for ownership in individual companies.
What This Means for Filipino Investors
The recommendations may be relevant to Filipinos who invest in international equities, global mutual funds or exchange-traded funds.
US technology companies account for a significant share of many international investment portfolios.
When those companies experience sharp declines, diversified-looking funds can still lose value.
Investors may therefore want to understand how much of their portfolio is concentrated in technology and AI-related businesses.
However, purchasing individual stocks listed by Goldman Sachs introduces separate risks.
American shares can be affected by changes in company earnings, exchange rates and market sentiment.
Filipino investors also face peso-dollar currency exposure.
A rising US stock price does not always translate into the same investment return when converted into pesos.
Similarly, a stronger dollar can influence the peso value of investments even when the underlying share price changes only slightly.
Goldman’s recommendations should therefore be treated as research opinions rather than instructions suitable for every investor.
Portfolio decisions depend on individual objectives, financial circumstances and risk tolerance.
Three Possible Outcomes for Wall Street’s Next Market Rotation
Scenario 1: Non-tech stocks outperform as AI enthusiasm cools.
Investors could increase allocations to healthcare, defense, financial services and selected consumer businesses.
Companies with strong earnings may benefit from improved investor attention.
Scenario 2: Technology shares rebound sharply.
If AI-related companies demonstrate stronger revenue growth or more sustainable capital spending, investors could return to the sector.
A recovery could reverse part of the recent rotation.
Scenario 3: A broader economic slowdown pressures nearly every sector.
If market volatility spreads into consumer spending, lending and business investment, even companies outside technology may experience weaker earnings.
These are possible outcomes, not forecasts of guaranteed market performance.
The Bigger Question: Is Wall Street’s Next Winning Trade Outside Technology?
Goldman Sachs’ latest recommendations arrive during a period of unusually intense market uncertainty.
The AI boom has helped transform industries and drive major stock-market gains.
But investors are becoming more selective about the companies they believe can turn that investment into sustainable profits.
The recent selloff has exposed the risks of concentrated positions and expensive valuations.
In response, Goldman Sachs is highlighting opportunities in businesses with different sources of revenue.
Huntington Ingalls offers exposure to naval shipbuilding.
Mastercard benefits from digital payment activity.
Hyatt and Expedia provide access to travel and hospitality.
Chime offers a different kind of financial technology growth.
None is guaranteed to outperform.
And several are vulnerable to the same economic downturn that could weaken technology stocks.
The central message is not that technology investing is finished. It is that strong investment opportunities may exist outside the companies that have dominated market attention.
For investors, the next challenge is identifying which businesses can continue growing even when the market’s enthusiasm shifts.
And as Wall Street reassesses trillions of dollars in AI-related investments, one question could determine the next phase of the stock-market cycle:
Will Goldman Sachs’ overlooked stocks become the new leaders as investors rotate away from Big Tech—or could the search for safety expose investors to a different set of risks just as the global economy enters another uncertain year?
