Microsoft joins, Broadcom exits Goldman’s top-stocks list

Goldman Sachs revised its U.S. Conviction List in an August update, adding Microsoft alongside Applied Materials, Delta Air Lines, O’Reilly Automotive, Viking Holdings and UPS, while removing Broadcom, Dick’s Sporting Goods, Johnson & Johnson and ServiceNow. The note reflects Goldman’s view that the market is broadening beyond the mega-cap AI trade into areas such as enterprise AI software, semis, travel, logistics and auto retail. Microsoft was highlighted as benefiting from improving Azure growth, better AI unit economics and Copilot monetization, with EPS growth expected to accelerate meaningfully into fiscal 2029. The shift is constructive for MSFT sentiment and suggests continued institutional confidence, while Broadcom’s removal may weigh modestly on relative sentiment toward AVGO compared with peers.