Goldman Sachs: high-barrier stocks winning the war on AI disruption
Goldman Sachs reports that the HALO trade — stocks in companies with high barriers to entry — has performed well in 2026, proving resilient against AI disruption. However, the bank warns that a tougher phase lies ahead, where actual earnings performance will determine winners rather than structural moat alone. Investors are advised to prepare for valuations to be tested by hard fundamental data.
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