The craze for artificial intelligence is raging, and "chip giant" Nvidia is taking the lead in leading investors' fanatical pursuit of AI. Goldman Sachs believes that this is just the beginning, and more U.S. stocks will benefit from the AI concept.

Goldman Sachs equity strategist Ryan Hammond pointed out in the latest report that after Nvidia, there are three major stages of AI investment worthy of attention.

The second stage is the infrastructure stage, which needs to focus on other companies involved in AI infrastructure besides NVIDIA, including semiconductor companies, cloud service providers, data center REITs, hardware and equipment companies, software security stocks, and utility companies.

Valuations have improved for most companies in the second phase, but earnings revisions have varied widely. Stocks worth watching include Synopsys, chip design software company Monolithic Power Systems, wireless and broadcast communications operator American Tower, and electrical equipment company Vertiv.

The third stage is the "AI empowered revenue" stage, focusing on companies that integrate AI into products to increase revenue, such as software and IT service companies. In addition to well-known large technology companies, cloud service provider Cloudflare, software design company Autodesk, database company MongoDB and cloud service provider Nutanix are also potential stocks.

Goldman Sachs pointed out that Stage 3 stocks have returned 8% so far this year, and although the excess returns of these stocks are driven by factors other than AI, investor attention to these stocks is rising.

The final fourth stage is the "productivity improvement" stage, which focuses on companies in various industries that use AI technology to improve production efficiency, especially labor-intensive industries such as software services and business services, which are susceptible to the impact of AI automation.

Goldman Sachs pointed out that in the fourth phase, companies such as The New York Times, Amazon, Walmart, Fidelity National Financial, Tenet Health Insurance and Guidewire Software are worthy of attention.

In addition, Goldman Sachs said that because stage 2 and 3 companies are the foundation for other companies to realize the productivity improvements of AI, investors may be faster to trade stocks in these two stages, while stage 4 stocks have greater long-term growth. potential.