Artificial intelligence took the investing world by storm in 2023, and was behind much of Big Tech’s gains for the S & P 500. The S & P 500 jumped a whopping 24% or so last year, with much of the increase coming from the “Magnificent Seven.” Goldman Sachs said in a report on AI last quarter that the tech has had key breakthroughs and the world is set to enter a “new technology era poised to transform nearly every industry, sector, and job function.” The health-care sector is one example it cited, with AI set to be used across multiple areas such as biopharma, medical devices and services. Over the long term, it will be integral to drug discovery and clinical trial design processes, Goldman said. “The rapid rise and mass adoption of Generative AI in a relatively short amount of time—OpenAI’s ChatGPT was introduced to the public in November 2022—have led to a velocity of fundamental shifts and strategic decisions we haven’t witnessed since the advent of the Internet and mobile technology,” the Wall Street bank wrote. While the AI phenomenon is still in the first phase, developments are “evolving quickly” on both a macro and micro scale, Goldman said. The bank said in a January report that investors should be focusing on long-term AI beneficiaries, as near-term ones are already well known and their performance already reflect the “consensus view.” Here are some names in its basket of long-term AI beneficiaries whose earnings per share Goldman said might get a boost from a rise in sales and margins. — CNBC’s Michael Bloom contributed to this report.
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