# 'Earnings need to be strong': Wall Street assesses next catalyst for AI trade

> **Open Intelligence Dossier** · First detected: 2026-07-20 12:07 UTC · Category: Business

## Executive Summary
Wall Street is pivoting toward non-AI investments as the semiconductor index enters a bear market and AI stocks lose momentum.

## Intelligence Brief
Market analysts are currently evaluating the next catalyst for the AI trade as the semiconductor index has officially entered a bear market. According to reports from 富途牛牛 and other financial outlets, investors are shifting their focus toward alternative investment themes to hedge against the volatility of high-profile tech stocks. This transition is marked by a growing belief that earnings must remain strong to sustain the previous momentum of the AI sector, prompting a broader search for market winners that do not rely on artificial intelligence growth. Coverage from Goldman Sachs, as reported by Yahoo Finance and Business Insider, emphasizes a strategic move away from the most prominent AI trades. Goldman Sachs has specifically identified 36 market winners that are not AI stocks.


Furthermore, Business Insider highlights that Goldman Sachs is promoting three specific non-AI trades to implement as the market's hottest stocks continue to lose their previous momentum. These reports suggest a systemic effort by major institutional players to diversify portfolios beyond the narrow scope of AI-driven gains. This shift in sentiment occurs against the backdrop of a cooling semiconductor index, which provides the necessary context for why these alternative themes are now being prioritized. Livewire Markets is contributing to this discourse by identifying four specific stocks to buy that fall outside the obvious AI category. The overarching narrative across these sources is that the initial surge of the AI trade is facing a critical juncture where the reliance on theoretical future growth is being replaced by a demand for concrete, strong earnings results.


Looking forward, observers will be monitoring whether the 36 stocks identified by Goldman Sachs can outperform the declining semiconductor index. The market is waiting to see if the three alternative investment themes mentioned by 富途牛牛 and Business Insider gain wider adoption among retail and institutional investors. Future analysis will likely focus on the actual earnings reports of these non-AI winners to determine if the pivot away from the AI trade is a temporary hedge or a long-term structural change in Wall Street's investment strategy.

## Multi-Source Evidence Table
| Source Outlet | Headline | Verification URL |
|---|---|---|
| Yahoo Finance | Goldman Sachs picks 36 market winners that aren't AI stocks | [Source Link](https://news.google.com/rss/articles/CBMivwFBVV95cUxOM0xsVklLSmUzb1otd3lXNmZoemNqVTVIdmlyR1dVdWFNVTRCbGlRNU53WWI4cnR0UF9rakEwVFlNV2VXaFV4QW9scDFHNU5IRW11U2YwUWVQWFh5dGFEVXFhX1lfOExWakFYT1NXdXZWNlBXUnVaSkdtSTVTSTlQajVGbmViZU83dDlVN2NHZ3lPc3NzY2FPVmxFdjJOYkN0UmhVWU5aMElpVlBQM0ZYM3JIUS1TVnRUUlJ3WVJaZw?oc=5) |
| Business Insider | Goldman Sachs highlights 3 non-AI trades to make as the market's hottest stocks lose momentum | [Source Link](https://news.google.com/rss/articles/CBMivAFBVV95cUxOSlVUSmZjMTVlelNSQlhTaTRlVGtXTHlkQk1hb1VPeEV4b0tnaTFNZzdvM0tWQW82TGtPNFNKRHptbTRsTUhGZlhOd05zazY1RjNyLWJwMXdZVTduRzF3dFFTR19FaUVoMXRhTVEtMnRuOVJlYnBsU0dZMEt0TC1MT08waC0zcGxWeDRKcjh6UGJHLWVDYmV1OGJheGhLNlprRHdTeXNTR0tBREdBN1QzNm5GUjdpQ1lUN3R6aA?oc=5) |
| 富途牛牛 | The semiconductor index has entered a bear market, and Goldman Sachs has quietly shifted toward three alternative investment themes. | [Source Link](https://news.google.com/rss/articles/CBMipAFBVV95cUxOQmM5dVVid0xaUGFUS2pfMldTNnFLTHJaZGc5dXFVNHpLZnhLTWhuZTVXTGE3WWV2ZU5SQU9keF9EZFdLdVg2bDdqRGdEYWY3aFBlTTZRa0lEMWt1V00xc3dwb0t0bGVLbU1NVzBmcnNPaENlSG9QM0Y0ajBoUkVSaUxKRVZ0TTZfcWNmR2VpQWJqOFBrcHpONEQ4MnFVUWtlbVRtNQ?oc=5) |
| Livewire Markets | 4 stocks to buy beyond the AI obvious | [Source Link](https://news.google.com/rss/articles/CBMigAFBVV95cUxOZThvTmowaTVScEFEUnYzb3VmNHZkZFRHMGFuWVdpUDZOMFVsV0VkYW5xSjlQZ29DY2dONjlXd1ZobEVzWjFFRUdkUmphS093RW9lYmFjZWpaNnQ3SURIUDBOaVVMS01QTHBWbGlQMFJTbERGQ2x4NGNPNGhaN2FJYg?oc=5) |

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*Canonical Source: https://pulse.byoviral.com/trend/2026-07-20/earnings-need-to-be-strong-wall-street-assesses-next-catalyst-for-ai-trade*