Goldman Sachs reveals its top non-AI stocks

The artificial intelligence (AI) boom continues to set the direction for global financial markets in 2026, but Goldman Sachs strategists argue that opportunities exist outside this tech narrative as well.

Concentrated leadership in the AI trade has propelled US benchmark indices to record levels this year, prompting concerns that the current environment resembles a single trade rather than a diversified market.

To counter this, Goldman Sachs, in its latest research report, named three stocks poised to do rather well this year purely on concrete earnings growth, independent of AI tailwinds.

Note that these names have also recently secured positive revisions from Wall Street analysts.

Eli Lilly And Co (LLY)

While a 1% dip in Eli Lilly shares (year-to-date) may look like underperformance in an AI-driven market, Goldman sees the drugmaker’s valuation as refreshing because it relies almost entirely on real-world results.

According to the firm’s strategists, a mere 9% of Lilly’s recent returns stem from AI sentiment or macroeconomic indicators.

Instead, the real catalyst is explosive, tangible core earnings.

Driven by incredible demand for its blockbuster GLP-1 treatments and recent FDA approval of its weight-management pill, Foundayo, the pharmaceutical giant delivered a staggering 56% year-over-year increase in Q1 revenue.

This concrete growth recently made Morgan Stanley lift its price target on LLY shares to $1,344, representing a more than 25% upside from current levels.

Fortinet (FTNT)

Fortinet stock is a quintessential example of a “non-AI tech play” thriving entirely on operational execution.

While the broader tech industry rides the generative AI wave, FTNT’s explosive surge this year is rooted in a fundamental enterprise necessity: cybersecurity consolidation.

In fact, Goldman Sachs attributes less than one-third of the 70% it’s rallied in 2026 to the AI trade and macroeconomic pricing only.

In Q1, Fortinet smashed Wall Street expectations, delivering $1.9 billion in revenue – up 20% on a year-over-year basis – and adjusted per-share earnings of a better-than-expected $0.82.

A 31% pop in unified SASE billings and a massive 41% spike in product sales further helped the management raise its full-year top-line guidance with some confidence.

After the quarterly print earlier this month, BTIG raised FTNT shares to “buy”.

Chewy (CHWY)

E-commerce pet retailer Chewy presents a classic “deep-value” proposition completely decoupled from tech mania.

At just 0.66x sales, the stock remains rather attractive given the company grew its revenue by more than 8% in latest reported quarter with gross margins approaching 30% even without the artificial intelligence tailwinds.

Wolfe Research analysts also maintain an “outperform” rating on CHWY stock with an aggressive $39 price target, representing more than 85% upside potential from current levels.

According to them, a near 40% year-to-date decline in Chewy fully prices in the downside – and the path of least resistance for this pet products retailer is upward, they added.