Goldman Sachs: Internet sector underperforms broader market, AI returns become market focus

According to Chaoxiang Research, Goldman Sachs' August 25, 2026 research report indicates that the internet sector rose 9% overall in the second quarter, underperforming the S&P 500's 11% gain. AWS reported year-over-year revenue growth of 37% in Q2, with its operating margin hitting an all-time high of 39%; Google Cloud revenue grew 81% year over year, with the combined backlog of the two cloud providers exceeding $1 trillion. Digital consumption remains broadly resilient, but consumer divergence is intensifying; high-income consumers show no sign of reducing their spending appetite, while low-income consumers are becoming increasingly cautious. Goldman Sachs will host the Communacopia Technology Conference in San Francisco from September 8 to 11, with 40 companies including OpenAI, Google Cloud, SpaceX, and Uber set to attend. Goldman Sachs notes that market patience for AI returns is waning, and whether management can clearly address the "when, how much, and what return" questions regarding AI investments will become the key driver of valuation divergence. Three major themes will dominate the conference discussions: the pace of AI spending and return curves, the resilience of digital consumption, and the balancing act between investment and profitability.