Goldman Sachs launches "The Most Important Trade of 2026": AI Productivity Beneficiaries Portfolio

Three years have passed since the launch of ChatGPT, and enterprise AI applications are moving from concept to reality. Goldman Sachs believes that going long on a basket of companies benefiting from AI productivity will be the most important trading opportunity in 2026.

Goldman Sachs has recently launched a new portfolio comprising multiple non-tech companies. The new basket, code GSXUPROD, covers industries such as finance, retail, logistics, healthcare, and food service. These companies have explicitly integrated AI into workflows to reduce costs and improve profit margins.

This earnings season, many S&P 500 companies mentioned their use of AI for productivity and efficiency on earnings calls. The latest survey by Goldman Sachs bankers shows enterprise AI adoption at 37%, while the US Census Bureau survey puts large company adoption at 13%, though with stricter definitions.

This portfolio has underperformed the broader market so far this year, even after excluding the tech "Magnificent Seven" (Mag7). However, a structural analysis by Goldman Sachs’ equity portfolio strategy team shows that the GSXUPROD basket has higher potential in baseline EPS growth driven by AI adoption and labor productivity improvements than the Russell 1000 and S&P 500 indices.

Below is the full list of AI beneficiaries:

Banking & Insurance: Automation and Cost Control

Financial institutions are deploying AI at scale to improve operational efficiency, with major applications in coding, institutional services, fraud detection, credit, collections, marketing, and underwriting. These companies automate routine tasks and enhance client interaction through AI platforms and virtual assistants. Many view AI as an augmentation rather than a replacement for human labor, supporting employees while cutting costs; some are piloting agentic AI for broader integration and headcount control.

JPMorgan Chase (JPM): Emphasizes deep AI expertise established before the generative AI boom, now using AI to control headcount growth while maintaining expense discipline.

BNY Mellon (BK): Launched "Eliza 2.0", with 117 AI solutions in production, including agents for business leads, coding, payment processing, customer onboarding, and reconciliation. Over 100 digital workers operate alongside employees.

Rocket Companies (RKT): AI agents significantly boost operational efficiency: pipeline manager agents sort leads and improve conversion, home buying agreement review agents cut processing time by 80%, underwriter agents reduce task time from 4 hours to 15 minutes. Team members now process 63% more loans than two years ago.

Citi (C): Has embedded AI in operations. Nearly 180,000 employees have used proprietary AI tools 7 million times, saving hours daily via automation, data analysis, and material creation.

Bank of America (BAC): Views AI as "augmented intelligence" supporting staff. Its Erica platform handles 2 million customer interactions daily, with question-answering capacity expanding from 210 to 700.

Morgan Stanley: Implements AI for code modernization (DevGen.AI), data analysis/summarization (Parable), and AI-powered lead assignment (LeadIQ) matching clients to financial advisors, aiming to enhance productivity and efficiency companywide.

UWM Holdings: UWM launched the AI loan officer Mia, which has made over 400,000 calls on behalf of mortgage brokers to reconnect with past clients for refinancing opportunities. Over 14,000 loans completed, with a reply rate of 40%, beating the expected 10–15%.

Ally Financial: Rolled out proprietary platform Ally.ai to 10,000 team members to streamline tasks, automate routines, and support smarter decisions as part of cost control efforts.

Bread Financial (BFH): Uses a “fast follow” strategy, learning from early adopters and focusing on high-impact AI use cases. Has deployed 200+ learning models in credit, collections, marketing, fraud, and optimized 100+ processes through robotic process automation (RPA).

Citizens Financial Group: Implements AI-driven initiatives as part of its “Remake Banking” plan, comprising about 50% of its operational/customer experience strategy, with planned tech investments over three years.

Truist Financial: Integrates AI-driven tech at new branches for smarter customer interaction, supports companywide AI deployment, and offers AI-powered chat via "Truist Assist".

In insurance, AIG: deploys generative AI solution "AIG Assist" in underwriting and claims, enhancing data extraction from unstructured documents, shortening cycles, and improving decision making.

Neptune (NP): Operates as an AI-first company. AI models support underwriting, quote conversion optimization, and renewals retention, yielding $2.5M revenue and $1.5M adjusted EBITDA with high efficiency.

Retail & Warehousing: End-to-end Optimization

Retailers and warehouse operators apply AI across many functions. On the client side, AI personalizes shopping, enhances intelligent search and customer assistance. In supply chain, AI optimizes "best ship from" logistics, forecasting, and inventory management. Internal operations see AI automating finance, HR, and tech processes, improving store efficiency via queue detection and shelf space control. Proprietary warehouse execution systems deliver double-digit productivity gains.

Amazon (AMZN): Invests heavily in AI for AWS services (SageMaker, Bedrock), custom chips (Trainium), agentic AI (AgentCore, Strands), and shopping assistants (Rufus).

Walmart (WMT): Building four super agents: Sparky (customer shopping/discovery), employee agent (scheduling/sales data), supplier/seller/advertiser agent (onboarding/events), and developer agent (accelerating innovation/product launches).

Public Storage (PSA): Uses AI for customer service and staffing optimization, reducing labor hours by over 30%, boosting employee engagement, and lowering turnover.

Lineage: Proprietary warehouse execution system LinOS deployed at 7 standard sites, achieves double-digit productivity gains in hourly output metrics; plans to complete 10 deployments by year-end and accelerate rollout in 2026.

Best Buy (BBY): Leverages AI in AI-powered laptops (Copilot+), partnerships with Meta AI glasses, AI-driven search for its marketplace, and AI-centric ad campaigns.

Target (TGT): Has deployed over 10,000 AI licenses internally, using AI/tools to build/update forecasts more accurately and reduce creation time.

Lowe's (LOW): Uses AI in two areas: MyLowe’s Companion app helps employees support customers across departments; FBM’s AI blueprint extraction automates material counts/sizing from digital construction plans.

Home Depot (HD): Employs AI/ML for “ship from best location” tech to maximize speed/efficiency and improve search on digital platforms.

Williams-Sonoma (WSM): Implements AI in three key areas: customer experience (AI assistants/digital design tools), supply chain optimization (end-to-end forecasting/inventory management), and internal automation across finance, HR, and tech, yielding measurable productivity and cost savings.

Wayfair (W): Uses AI for three strategic pillars: personalizing shopping experiences, automating operations, and enhancing platform ecosystem via upgraded supplier tools/search optimization.

Tractor Supply (TSCO): Applies AI in three areas: enterprise software (with vendor AI modules), custom apps (GURA, Tractor Vision), and OpenAI-integrated automation agents (1,500+ users).

DRVN: Take 5 is piloting AI-powered camera tech for real-time queue detection, enabling managers to adjust staffing/workflows, boosting vehicle throughput and customer service.

Transportation & Logistics: Automated Process Efficiency

Transportation and logistics firms use AI to greatly increase productivity and cut costs. Key applications include automating loading, quoting, call handling, scheduling/booking, digital twin systems, real-time route optimization, and predictive customer experience. AI also supports automated carrier call/invoice payments, quote generation, agent assistant tools, customer retention analysis, cybersecurity, and sales content creation.

UPS: Applies AI in two main areas: next-gen brokerage uses AI to digitize over 90% of cross-border transactions; Agentic AI integration streamlines formal customs brokerage processes.

XPO: Five core AI applications: two revenue-generating (AI pricing bot, sales assistants), three for saving costs (long-haul optimization, pick-up/delivery route optimization, dock efficiency). AI cuts empty miles by 12%, reroutes by 80%, and boosts Q3 productivity by 2.5pp.

FedEx (FDX): Uses AI to create intelligent digital twin systems predicting disruptions, optimizing routes in real time, and forecasting customer experiences, powered by 17 million parcels and 2 petabytes of daily data.

ArcBest (RCB): Uses AI automation to enhance productivity, simplify operations, lower costs: AI-based FTL quoting, load/quote/email response builds; call/scheduling/booking automation.

J.B. Hunt (JBHT): Deployed 50 AI agents for task/operational automation, major milestones include 60% automated carrier check calls, 73% automated order acceptance, 80% automated invoice payment, 2 million auto-quotes/year, and 100k+ hours automated across teams annually.

Landstar (LSTR): Implements AI for three critical areas: customer service automation, agent tools (like pricing recommendations), and BCO retention analysis (predicts driver quit signals), plus invests in AI infrastructure for revenue growth.

Old Dominion (ODFL): AI used for network security (email protection), linehaul planning/optimization, safety guidance via Lytx camera analysis, billing automation, sales content, app development; future focus includes equipment utilization, predictive maintenance, mechanic training, and weather-based route optimization.

Ryder (R): Deploys smart AI to improve service/efficiency in transport management/brokerage, especially optimizing customer rates, enhancing supply chain, fleet management, and dedicated unit billing/payment.

RXO: Uses proprietary data for AI/ML, applies smart AI to automate carrier queries, image-based last-mile delivery validation, AI-driven pricing, and AI code generation; all aims to boost sales, margins, productivity, and service, freeing time for client solutions.

SAIA: For years has invested in AI-based network optimization (route planning, city ops, staffing, linehaul design) to reduce cargo handling.

Schneider National (SNDR): Deploying Agentic AI across multiple functions, achieving double-digit productivity gains, in some areas efficiency up 50%–60%.

Werner Enterprises (WERN): Broad AI automation across business; back office costs cut 40% while maintaining service, AI handles thousands of customer/driver interactions weekly via conversational and orchestration systems.

Uber: Embeds generative AI in platform to enhance productivity, optimize operations, personalize user experience, and has launched Uber AI Solutions for global AI training—including model training, voice/audio rating, video annotation, and query response assessment.

Healthcare: Clinical & Administrative Acceleration

Healthcare services utilize AI for patient stratification, care management, and specialist-designed AI diagnostic tools for improved accuracy. AI automates administrative tasks—HIPAA-compliant notes, claims handling, and optimized revenue cycle management to lower denials. Overall aim: improve affordability, access, personalization, and patient/provider experience.

HCA Healthcare (HCA): AI initiatives focus on revenue cycle management to combat payer denials/underpayments, piloting ambient AI documentation tools for physicians to create more complete, accurate clinical records.

Elevance Health (ELV): Massively deploying AI to improve affordability, access, personalized care. By year-end, 10 million+ members will have AI-powered virtual assistant access. AI embedded in clinical workflows, customer service, provider platforms, and admin, improving efficiency, lowering cost, boosting member/provider experience.

Doximity (DOCS): AI suite includes DoxGPT (integrated drug reference, instant peer-reviewed answers), HIPAA-compliant ambient note-taking AI Scribe (users tripled in Q2), and AI-optimized booking (40% of bookings, up from 5% last year).

Alignment Healthcare (ALHC): Uses AVA AI for clinical stratification/care management. Centralized data enables cross-functional visibility to execute star-type metrics and manage Medicare Advantage risk.

HealthEquity (HQY): Leverages AI for claims automation, service center ops, and member experience, using AI adjudication to speed claims, cut costs, and boost efficiency.

Food Service: Operational Automation & Labor Optimization

The food service industry is actively integrating AI, mainly for automating ordering (especially drive-thru) and boosting operational efficiency. Restaurant-specific AI tools improve throughput, accuracy, consistency, save labor costs, and lower COGS. AI also delivers data-driven optimization advice for store managers and helps developers improve code quality/productivity.

Yum Brands (YUM): Deploys AIByte Coach for manager advice to 28,000+ restaurants; plans to add features for personalized guidance using operations/consumer feedback/audit data. A third of developers use AI tools; nearly all Byte developers to join by 2026. Voice AI for Taco Bell drive-thru now has 14% QoQ growth.

Sweetgreen (SG): Infinite Kitchen (by Spyce) is advanced food automation—faster throughput, better accuracy/consistency, higher quality, ~700 bps labor savings, and 100 bps COGS improvement vs. peer restaurants.

Chipotle (CMG): Continues investing in back-office automation: the Chippy automates chip frying (around-the-clock, helps on labor), and latest auto digital line includes Autocado (cut/pit/peel avocados). New auto digital line rolling out in H2 2024.

SHAKE SHACK: Self-service kiosks are largest/profitable order channel, avg order value ~10% higher than traditional in-store. This arises from recent digital UX upgrades. Plans to optimize kiosk UX to promote special/high-end items, with navigation updates coming late 2025.

Starbucks (SBUX): Beyond robust mobile order/pay, focuses on boosting operational throughput via Siren System (integrates ice, milk, and blender in one easy-to-reach spot to lessen barista bottleneck, improve customer wait time). Stores with updated Siren Craft System see peak throughput adding about 1% to same-store sales annually.

Wendy’s (WEN): FreshAi is Wendy's automated ordering tech for drive-thrus, delivering more consistent/high-quality interactions and boosting upsell/productivity.

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