Goldman Says Earnings to Drive More Gains in Asset-Heavy Stocks

Goldman Sachs strategists expect capital-intensive companies to deliver solid earnings this season, positioning them to outperform peers that rely more on human or digital assets. The call implies a relative upside for traditional capex-heavy business models versus asset-light/knowledge-driven peers, though it is framed as sector/stock selection guidance rather than a specific company result.

Analysis

Goldman Sachs strategists expect capital-intensive companies to deliver solid earnings this season, positioning them to outperform peers that rely more on human or digital assets. The call implies a relative upside for traditional capex-heavy business models versus asset-light/knowledge-driven peers, though it is framed as sector/stock selection guidance rather than a specific company result.