[Goldman Sachs Says Next Rally in Heavy Asset Stocks Will Be Driven by Earnings, Expected to Further Outperform Light Asset Stocks] According to a report by Golden Finance, on July 8, Goldman Sachs strategists stated that capital-intensive companies are likely to report solid performance this earnings season, further outperforming peers that rely more on human or digital assets. 'As physical assets, infrastructure, and industrial capacity regain strategic importance, investors remain under-allocated in these areas,' said Guillaume Jaisson and others. They referred to 'HALO' companies, which are heavy asset, low obsolescence risk firms. A basket of European capital-intensive industry stocks has risen 15% this year, including utilities and energy. On the other hand, an index tracking light asset stocks has fallen 2%, as investors remain skeptical about high valuations related to artificial intelligence. Goldman Sachs strategists also noted that earnings forecasts reflect a similar divergence, with heavy capital stocks seeing the largest upward revisions in earnings expectations this year.