September begins with Wall Street once again looking to the beating heart of its growth: technology. The S&P 500 and the Nasdaq closed August at new all-time highs, confirming that the push from artificial intelligence is not just a passing trend, but a structural driver of the markets. This is being said not only by the traders who populate the New York desks daily, but also by economists: according to Paul Ashworth, chief economist for North America at Capital Economics, the signs of a boom in AI investments "are now increasingly concrete."
Behind the euphoria, however, lies a systemic fragility. Never before has the US stock market been dominated by so few stocks. The Magnificent Seven —Apple, Microsoft, Amazon, Alphabet, Meta, Tesla, and NVIDIA—alone represent 34% of the S&P 500's market capitalization. This figure even surpasses the levels of the dot-com bubble, when the top ten stocks accounted for less than 23%. It's as if Wall Street's fate were tied to a handful of giants: a concentration that's tempting when the wind is favorable, but could become a drag in stormy times.
Yet, amidst the risks and opportunities, Goldman Sachs isn't abandoning the sector. On the contrary: the world's most renowned investment bank has selected ten technology stocks that, according to its analysts, represent the best buying opportunities today. It's not just about backing the usual big names, but also betting on companies riding structural trends destined to shape the future: advanced semiconductors, AI infrastructure, cloud services, cybersecurity, digitalization of clinical data, and new consumer platforms.
Goldman Sachs' picks, one by one:
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Micron Technology (MU)
A leader in the high-bandwidth memory (HBM) market, essential for artificial intelligence. Despite competition from Samsung and Hynix, Micron maintains a competitive advantage thanks to superior performance and stable supplies. In a world where data centers are hungry for power and speed, Micron remains a key player. -
Accenture (ACN)
The multinational consulting firm is no longer limiting itself to strategies and processes: with the acquisition of NeuraFlash, it is strengthening its expertise in generative AI and Salesforce. The goal: to accelerate the digital transformation of businesses and conquer the global mid-market. This isn't just a simple deal, but a step that confirms its strategy of becoming a technology hub, rather than a traditional consulting firm. -
Texas Instruments (TXN)
Often perceived as an "industrial" company, TI has demonstrated how its chips are now an integral part of space missions. Its semiconductors power the NISAR satellite—a collaboration between NASA and ISRO—designed to monitor the Earth with next-generation radar. From automotive to space, Texas Instruments demonstrates the versatility of its portfolio. -
Salesforce (CRM)
The world's most popular CRM platform hasn't missed the AI train. With Agentforce , the company led by Marc Benioff aims to revolutionize the relationship between companies and customers by offering predictive and automated tools. Analysts are keeping a close eye on October's Dreamforce, which could be the stage for new monetization strategies. -
Cisco Systems (CSCO)
For years considered a mature giant, Cisco is now reasserting itself as a key player in the new digital revolution. With over $2 billion in AI-related orders and a transformation toward recurring revenue thanks to Splunk, Cisco is repositioning itself as a leader in data center and enterprise networking infrastructure. -
Oracle (ORCL)
Larry Ellison's company is betting on healthcare. With the Clinical One platform, Oracle integrates artificial intelligence and clinical data to speed up pharmaceutical trials. This strategy aims to create an open and interoperable ecosystem, reducing time and costs for the biotech and pharmaceutical industries. -
Broadcom (AVGO)
The semiconductor and software giant has received a strategic endorsement from Walmart, which has chosen its VMware Cloud Foundation to modernize its retail infrastructure. This partnership not only strengthens Broadcom's position in the private cloud but also confirms the centrality of VMware software in the digital transformation of large retailers. -
Apple (AAPL)
Accustomed to dictating the rules of the game, this time Apple surprises with a new opening: its radio stations are landing on TuneIn, reaching 75 million active users and over 200 different devices. This tactical move aims to defend its position against Spotify, while Apple Music's share in the United States is declining. -
Microsoft (MSFT)
The Redmond giant is bringing its Copilot AI assistant directly into living rooms, integrating it into Samsung TVs and monitors. This move broadens the reach of its ecosystem beyond the cloud and enterprise software, bringing artificial intelligence into everyday households. -
NVIDIA (NVDA)
The undisputed queen of AI knows no rest. With $46.7 billion in quarterly revenue—88% of which comes from the data center—and a continued growth outlook, NVIDIA remains the industry's driving force. Its Blackwell chip dominates sales, while gaming and robotics are picking up steam. It's the stock that best embodies the AI boom narrative.
A gamble full of opportunities… and risks
This list isn't just a recommended portfolio: it's a snapshot of how technology is reshaping markets. The selected companies aren't just making money from speculation, but from products and solutions that have a tangible impact: from satellites to streaming, from future medicines to corporate networks.
Yet, concentration risk remains the elephant in the room. When a third of the value of the main American index depends on just a few companies, a crack is enough to change the course of global markets. Wall Street veterans know it well: no climb is infinite.
For Goldman Sachs, however, the direction is clear. Technology remains the bet worth riding. Not only because it drives markets, but because it defines the future of the global economy. And if 2000 was the year of euphoria and collapse, 2025 could mark the beginning of a much more structural cycle. The difference, this time, is that artificial intelligence isn't a promise: it's already a reality.