Goldman Team Says Asset-Heavy Stocks Outperform on AI Fears | Bloomberg

Bloomberg: The Goldman team said their basket of capital intensive stocks whose economic value derives from physical assets has outperformed a capital light group reliant on human or digital capital by about 35% since the start of 2025.

Investors are increasingly turning to stocks with what the strategists called the “HALO effect,” for heavy assets and low obsolescence, in sectors like utilities, basic resources and energy, the team including Guillaume Jaisson said in a client note.

ASML Holding NV, Safran SA, LVMH, Air Liquide SA and Airbus SE are among stocks the team selected in a basket of European capital intensive names. L’Oreal SA, Adyen NV, DSV AS and Siemens Healthineers AG are a few of those in the capital light basket.

“Markets are rewarding capacity, networks, infrastructure and that are costly to replicate and less exposed to technological obsolescence,” Jaisson wrote.