Goldman Sachs(US:GS) Zhi Tong Cai Jing·2026-02-24 12:14Core Viewpoint - Heavy asset companies are significantly outperforming the global stock market as investors seek safe havens from the "AI disruption" sell-off, focusing on HALO (Heavy Assets, Low Obsolescence) stocks [1][3] Group 1: Performance of Heavy Asset Stocks - Heavy asset stocks have outperformed a control group of light capital stocks by approximately 35% since the beginning of 2025 [1] - The HALO effect refers to companies with high-value, long-lasting physical assets that are less likely to be quickly replaced by AI, making them attractive during periods of AI-related anxiety [3][6] Group 2: Characteristics of HALO Stocks - HALO stocks are characterized by high barriers to entry in heavy asset production, such as utilities, mining, oil and gas assets, and critical AI infrastructure manufacturers, where AI replication costs are extremely high [2] - These stocks also exhibit low technological obsolescence rates, meaning core production capabilities are difficult to replace with AI in the short term, such as in semiconductor equipment supply chains [2] Group 3: Market Dynamics and Investment Trends - The anxiety surrounding AI's potential to disrupt traditional business models has led to irrational sell-offs across various sectors, including those seemingly unaffected by AI risks [7] - Heavy asset companies are benefiting from increased capital expenditures driven by AI infrastructure investments, with major cloud providers expected to invest around $1.5 trillion from 2023 to 2026 [8] Group 4: Financial Metrics and Investor Sentiment - Higher actual yield rates and geopolitical factors supporting fiscal spending are driving funds toward capital-intensive market segments, with earnings momentum shifting towards heavy asset stocks [9] - Market expectations for stronger earnings per share (EPS) growth and return on equity (ROE) are now significantly higher in capital-intensive companies compared to light capital companies [9]