10 Industry Themes for 2026 & Focus Stocks Going Forward (Mid-Year Update)

研报英文原文证据摘录

10 Industry Themes for 2026 & Focus Stocks Going Forward (Mid-Year Update)

Equity Research

22 June 2026 | 3:37AM EDT

AMERICAS: TECHNOLOGY: INTERNET & INTERACTIVE ENTERTAINMENT

10 Industry Themes for 2026 & Focus Stocks Going Forward (Mid-Year

Update)

As we reach the mid-point of 2026, we take the opportunity to revisit our year Eric Sheridan

+1(917)343-8683 |

ahead preview published in December 2025 (link) inclusive of a refresh of our eric.sheridan@gs.com

Goldman Sachs & Co. LLC

framing of the top 10 themes for our coverage universe in the coming 12-18

Alex Vegliante, CFAmonths. We also update our companion slide deck available here. In our recent post +1(212)934-1878 |

Q1 2026 earnings review (link), we discussed our view that investor breadth (in terms alex.vegliante@gs.comGoldman Sachs & Co. LLC

of gross and net exposure, and as reflected in weaker YTD stock performance for Julia Fein-Ashley

most names within our coverage) and focus has narrowed into three distinct (though +1(212)902-5070ashley@gs.com | julia.fein-

somewhat overlapping) debates: Goldman Sachs & Co. LLC

Aarshiya Sachdeva

+1(212)855-6184 |

n The AI Investment Cycle – the application of capex/opex to scale foundational aarshiya.sachdeva@gs.com

models and compute, sources of capital to fund this investment cycle (including Goldman Sachs & Co. LLC

Achal Gupta recent capital raises) and the scope/visibility into the return profile of that +1(332)245-7973 | achal.gupta@gs.com

spend. Goldman Sachs India SPL

Emma Huang

n The Health of the Global Consumer – the level of mixed/softening datapoints +1(212)902-7229 | emma.huang@gs.com

about global consumer behavior (ex-China) against sustained inflationary Goldman Sachs & Co. LLC

pressures on consumer wallets and competitive intensity for spend as the lines