Following the second-quarter earnings season, Wall Street giant Goldman Sachs has refreshed its curated stock screen targeting potential artificial intelligence (AI) productivity beneficiaries, focusing on companies within the Russell 1000 Index that exhibit high labor intensity and significant exposure to AI-driven automation.
The screening model ranks companies within each industry based on two key metrics: the ratio of labor costs to sales, and the proportion of total wages that could potentially be automated through AI. The latter metric draws on occupation-level data provided by Revelio. To qualify for inclusion, a stock must rank in the top 50% on both metrics within its sector, and the company must have referenced AI in the context of productivity or efficiency during either its first-quarter or second-quarter earnings calls.
Additionally, Goldman Sachs excluded any stocks already featured in its AI infrastructure or AI disruption risk baskets. This update comes after the second-quarter earnings period, during which the firm observed that the earnings impact of corporate AI adoption remains relatively limited. Although 65% of S&P 500 companies mentioned AI, and 46% discussed it within a productivity or efficiency framework, only 11% quantified AI's effect on a specific use case, and merely 2% provided concrete numbers on its impact to overall earnings.
According to Goldman Sachs, the companies on this list have all addressed AI-related productivity initiatives during earnings calls but have yet to demonstrate a meaningful profit growth trajectory driven by AI applications. As a result, investor attention continues to favor AI infrastructure beneficiaries. Below is Goldman Sachs' updated list of AI productivity winners: Airbnb, Inc. (ABNB.US), eBay (EBAY.US), and Boeing (BA.US).
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