Goldman Sachs bets on tangible experiences as 36 non‑AI stock winners
Goldman Sachs’ note identifies 36 US stocks across four in-person-experience clusters—movies/entertainment, hotels/resorts/cruises, casinos/gaming, and specialized leisure services—each with market caps above $2B and seemingly less exposed to AI disruption. The list includes Disney, Live Nation, Liberty Media Formula One, TKO Group, Braves/MSG entity stocks, Sphere, and MSGS; hotels such as Marriott, Royal Caribbean, Hilton, Carnival, NCLH, Wyndham, and Travel + Leisure; casino operators LVS, MGM, WYNN, CZR, CHDN, PENN, and MOI; and leisure/fitness names like Planet Fitness and Vail Resorts. Goldman notes a median 12x forward EBITDA valuation in this theme and has posted roughly 17% YTD returns versus about 11% for the equal-weight S&P 500, suggesting selective value remains in these non‑AI beneficiaries. The bottom line: investors should do homework on all 36 names now, not just chase the AI hype.