Which stocks are likely to benefit from AI?

Many investors believe that AI adoption will eventually boost economic productivity growth and benefit an expanding universe of companies. But the practical focus of most investors has primarily been on the near-term earnings beneficiaries of the current boom in AI investment spending, according to the report.

In turn, equity gains have been concentrated in AI infrastructure companies, according to Goldman Sachs Research. These include semiconductors, hyperscalers and other data center operators, technology hardware providers, and power companies. The average stock in Goldman Sachs Research’s basket of infrastructure companies returned 44% year-to-date, compared with a 9% increase in the…