Goldman Sachs expects a new phase of the AI age in 2026: those companies that can significantly increase their productivity with AI are now likely to benefit.
• Goldman Sachs boss: 2026 will be a year of change
• By chip manufacturer: Which companies are likely to benefit most from AI in 2026
• Shifting ahead in tech stocks?
This is what Goldman Sachs expects for the AI sector
According to Marco Argenti, Chief Information Officer at Goldman Sachs, the global economy will enter a new phase of the AI era in 2026. After profound technological upheavals in 2025, Argenti expects that artificial intelligence will be much more than just chatbots in the future – it will become the structural foundation of modern economic systems, according to a corresponding report from the US Bank. “In my 40 years in the technology industry, 2025 has seen the biggest changes of my entire career,” says Argenti. “And the crazy thing is that we’ve only seen the beginning – in fact, I predict 2026 will be an even bigger year of change.”
Goldman Sachs Research emphasizes that AI is now a key growth driver for the Financial markets has become: Over 30 percent of the market capitalization of the S&P 500 and around a quarter of the index profits already come from the largest tech companies. Analysts expect hyperscalers to invest more than $500 billion in AI infrastructure in 2026.
Argenti also describes seven key trends that could shape the coming year: AI models are increasingly becoming operating systems that independently access tools and execute tasks – a departure from classic, hard-coded software. Developers’ focus is shifting from pure computing power to context and memory to achieve more precise, personalized results. At the same time, personal AI agents are being created that automatically take on everyday tasks, such as travel bookings or appointment planning. In addition, according to Goldman Sachs, an “agent-as-a-service” economy is on the horizon: companies combine human expertise with AI agents and charge for the amount of data used in the future instead of working time. The ability to learn is becoming a crucial future skill for employees, as activities are fundamentally changing with AI support.
The bank also expects a phase of massive AI alliances between technology companies, infrastructure operators and energy suppliers – a market that, like aviation, could develop into a duopoly or oligopoly. According to Argenti, it is no longer just capital that will be crucial, but rather access to energy: electricity consumption in data centers is expected to increase by 175 percent by 2030, with energy shortages potentially becoming a key bottleneck in the AI industry as early as 2026.
These companies are likely to benefit particularly from AI in 2026
According to Goldman Sachs, the greatest profit potential in the AI era in 2026 will no longer lie with chip manufacturers, but with companies that can significantly increase their productivity through artificial intelligence. After a record year in 2025 with share price gains at NVIDIA and other AI pioneers, the investment bank now expects broader application of AI technologies in business, as Wall Street Online reports, citing CNBC. Analysts expect that while investment is slowing, usage is spreading across more industries – a trend that could lead to shifts within major U.S. tech stocks.
For their analysis, Goldman Sachs examined companies from the Russell 1000 index and focused on those that discussed the use of AI to increase efficiency and productivity in their quarterly reports. In particular, the wage costs and the proportion of activities that can be automated were evaluated.
The potential beneficiaries include Bank of America, Evercore, H&R Block, Affirm Holdings, Labcorp Holdings, Willis Towers Watson, EPAM Systems, Booz Allen Hamilton, Zillow Group and Pegasystems. These companies have a high proportion of work processes that can be automated using AI – which could lead to significant cost advantages and increased margins in the long term.
Looking at Affirm and EPAM
EPAM Systems, a global provider of software engineering services, particularly stands out. The company raised its sales and profit forecasts in November 2025 and emphasized the growing importance of AI-native technologies. CEO Balazs Fejes said: “By investing in artificial intelligence and AI-native innovations, we are accelerating our own transformation and positioning ourselves as a leader in the coming AI economy.” This strategy resulted in some strong price gains for the share price.
The analyst consensus for EPAM Systems is also largely positive. According to data from TipRanks, the paper receives a moderate buy recommendation from a total of 11 analyst ratings (8x buy, 3x hold). The average price target is $227.67, 8.97 percent away from the last price of $208.92 (as of January 29, 2026).
The US payment service provider Affirm also relies specifically on AI – but in sales and consumer business. With the AdaptAI platform, which launched in mid-2025, Affirm offers merchants personalized payment options to increase conversion rates and customer loyalty. CEO Max Levchin emphasized that AI-powered models build on proprietary data to improve loan approvals and delinquencies. The stock rose significantly over the year, but recently came under pressure after President Donald Trump proposed a 10 percent interest rate cap on credit cards – a measure that could impact the consumer credit market.
Here too, according to TipRanks data, the experts are optimistic. From a total of 20 ratings, after 15 buys and 5 holds, a strong buy recommendation results. The average price target is $95.82, corresponding to an increase of 52.58 percent, corresponding to the last closing price of $62.80 (as of January 29, 2026).
But traditional service providers and financial houses such as Labcorp, H&R Block and Bank of America are also among the clear winners of the AI trend. According to Goldman Sachs, they benefit directly from efficiency improvements through automation, which could sustainably improve their cost base and profitability.
Editorial team finanzen.net
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