Halo stocks are benefiting from the AI boom, Goldman Sachs says. Here are the European firms they're backing

Halo stocks are benefiting from the AI boom, Goldman Sachs says centers on the bank’s push for companies it labels “HALO” shares, defined as businesses with “heavy assets” and “low obsolescence.” Goldman said higher rendimientos reales, la fragmentación geopolítica y el reajuste de cadenas de suministro han devuelto el liderazgo bursátil a activos productivos tangibles. It argues markets are increasingly rewarding capital-intensive firms for their networks, infrastructure and engineering complexity, which are expected to face less risk of becoming outdated as technology advances. At the same time, Goldman says many “capital light” firms have become major investors in capex due to the race to develop advanced AI. The capex surge is expected to support data centers, semiconductors, utilities and defense, together accounting for over 40% of global capital expenditure this year. The note reiterates a preference for companies benefiting from accelerating capex, while cautioning that positioning looks challenging short term.