Goldman Sachs reveals its top non-AI stocks

Goldman Sachs identified non-AI stock opportunities intended to diversify market leadership away from the concentrated AI trade, highlighting Eli Lilly, Fortinet and Chewy. The bank argues these names are driven by tangible earnings and operational catalysts rather than AI sentiment, which could influence flows within the US benchmark (US SP 500) by broadening investor focus. Eli Lilly’s Q1 revenue jumped 56% YoY and benefits from GLP-1 demand plus FDA approval of Foundayo (Morgan Stanley target lifted to $1,344). Fortinet reported $1.9bn in Q1 revenue (+20% YoY), beat EPS expectations with $0.82, saw unified SASE billings +31% and product sales +41%, and raised full-year guidance. Chewy trades at ~0.66x sales, grew revenue >8% last quarter, and has been deeply discounted YTD (~40% decline) with Wolfe Research setting a $39 target. Overall the piece is constructive on non-AI leadership and implies potential rotational impacts on the US SP 500 if earnings-driven stocks attract renewed investor attention.