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Goldman Sachs Recommends 23 Defensive Stocks Amid AI Spending Slowdown

1 reports1 sources10/20/2026 updated

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Goldman Sachs has issued a short list of 23 defensive stocks, urging investors to move into healthcare and consumer staples as AI capital spending slows. The firm estimates that AI accounts for roughly half of S&P 500 earnings growth, yet the Cyclicals‑vs‑Defensives pair has underperformed by about 6% in the last two weeks. Goldman’s base case projects that falling interest rates in 2027 will boost household spending, further supporting defensive sectors. The recommendation reflects a shift away from AI‑heavy growth names toward more resilient, consumer‑focused companies in a changing macro environment.

Written with AI from the reporting · updated 10/20/2026

Latest developmentOct 20, 19:00
Goldman Sachs recommends defensive stocks as AI trade concerns grow
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  1. 1Unclassified fact stationOct 19, 00:00recorded Oct 20, 19:51single source

    Goldman Sachs names 23 defensive stocks for AI trade concern

    Read original source ↗ BeInCryptoReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    Goldman Sachs
    Action：
    released defensive stock shortlist
    Object：
    health care and consumer staples stocks
    Occurred (fact side)：
    Oct 19, 00:00
    BeInCrypto ↗Report pageOriginal / first version
    Published (valid side)：
    Oct 20, 19:00
    First seen (known side)：
    Oct 20, 19:51
    Fact stationSingle source · one-sided claim

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Oct 20
  1. BeInCryptoRelated fact: single source
    Goldman Sachs recommends defensive stocks as AI trade concerns grow

    Report first recorded Oct 20, 19:51

    Goldman Sachs has identified 23 defensive stocks in healthcare and consumer staples with low volatility and high free cash flow yields, steering investors away from the AI trade. The recommendation comes as analysts cite rising interest rates pressuring AI earnings expectations, with S&P 500 earnings growth projected to slow from 29% in 2026 to 18% in 2027. The list includes companies such as Merck, CVS Health, and Tyson Foods, which offers the highest free cash flow yield at 11% over the trailing four quarters.

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