The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segment also provides cash management services, such as deposit-taking and payment solutions for corporate and institutional clients. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.

Goldman Sachs Group, Inc. (The)

Key Points
JPMorgan Chase has navigated numerous economic environments and is the largest bank in the U.S. today.
Goldman Sachs is expected to benefit from a rebound in capital markets, which have seen an increase in initial public offerings and mergers and acquisitions recently.
Citigroup is undergoing a transformation and trades at a deep discount to its peers.
Bank stocks might seem a bit dull at first glance, but they can actually be a solid cornerstone for your diversified portfolio. That's because many of them provide investors with stability and income through dividends. They can also help investors navigate the ever-changing interest rate environment if you play your cards right.
Bank stocks could benefit from strong tailwinds as we head into 2026, including falling short-term interest rates, which tend to bode well for banks. Not only that, the investment banking sector has benefited from a significant rebound, and powerful tailwinds are expected to continue well into next year.
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If you're looking for diversification and want to capitalize on these trends, here are three bank stocks to buy before the year is over.
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A top bank with a fortress balance sheet
JPMorgan Chase (NYSE: JPM) is the largest bank in the United States, with total assets under management exceeding $3.8 trillion. To put that size in perspective, it's nearly 50% larger than Bank of America, and more than Citigroup (NYSE: C) and Wells Fargo combined.
Led by CEO Jamie Dimon since 2005, JPMorgan Chase has a track record of prudent capital and risk management that has enabled it to navigate challenging economic and market conditions. The bank emerged from the 2008 financial crisis well, which is how it grew into the behemoth it is today.
More recently, JPMorgan Chase expertly navigated the rising interest rate environment in 2022 and 2023. Not only did the bank see excellent growth in net interest income, but it also did a good job of "hoarding cash" during the ultra-low interest rate era during the pandemic and has put that cash to work in today's higher interest rate environment.
While some banks were experiencing deposit outflows amid the 2023 regional banking crisis, JPMorgan, with its fortress balance sheet, was well-positioned to acquire the assets of failed First Republic Bank.
JPMorgan Chase has done an excellent job navigating various environments. Next year, the bank projects net interest income excluding markets to be around $95 billion, or a roughly 3% increase from this year. Robust capital market activity should also be a tailwind for JPMorgan, which has established a strong investment banking presence.
A rebound in capital markets should benefit this investment bank
A rebound in capital markets should bode well for Goldman Sachs (NYSE: GS) and its investment banking-heavy business.
The rising interest rate environment from 2022 to 2023 stifled investment banking activity. At the time, many companies put plans to go public on hold, as they awaited better market conditions. Not only that, but mergers and acquisitions also came to a crawl, as major mergers faced heightened scrutiny for antitrust reasons.
However, conditions have improved, and capital markets are heating up. According to Renaissance Capital, 196 initial public offerings (IPOs) have been priced this year, up 40% from 2024. Meanwhile, the total proceeds raised from those IPOs were $36.4 billion, representing a 26% year-over-year increase. This year has seen the return of some major IPOs, including Figma, CoreWeave, and Circle Internet Group.
Meanwhile, dealmaking has also increased. According to EY, mergers and acquisitions (M&A) activity increased 8.3%. However, the real growth was in major deals, as total deal value surged 146.5% year over year.
Positive momentum is expected to continue. CFO Denis Coleman informed investors during Goldman's third-quarter earnings call that "we continue to see strong momentum with our quarter-end backlog at its highest level in three years." Barring any market disruptions, the bank expects M&A activity to be even stronger heading into 2026, which would be a tailwind for Goldman Sachs.
This bank is undergoing a transformation
Citigroup has lagged its peers for years on key metrics such as return on equity. Part of the reason was its sprawling business, along with regulatory actions, such as fines for deficiencies, that have weighed on the bank and its operating efficiency.
Under the leadership of CEO Jane Fraser, the bank is seeking to reinvent itself. It's making some tough decisions, including cutting bonuses for top employees, reducing the number of layers of management, and selling off its less profitable business units.
As part of this, the bank is divesting from its Mexico retail bank, Banamex. The bank will sell 25% of its stake to businessman Fernando Chico Pardo for approximately $2.3 billion. It plans to go public with its remaining stake, which is expected sometime next year.
Citigroup trades at 1.14 times tangible book value (P/TBV), which is significantly cheaper than JPMorgan Chase (P/TBV of 3.03) and Goldman Sachs (P/TBV of 2.56), making it more appealing to investors seeking value. Citigroup also operates a large investment banking business, which should provide another favorable tailwind as it undergoes its transformation.
Should you invest $1,000 in JPMorgan Chase right now?
Before you buy stock in JPMorgan Chase, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and JPMorgan Chase wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $499,978!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,126,609!*
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Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in JPMorgan Chase. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Bank Stocks You'll Want to Own in 2026

(RTTNews) - Harness, an AI software delivery platform company, on Thursday announced a $240 million Series E financing round, including a $200 million investment led by Goldman Sachs Alternatives, a division of Goldman Sachs Group Inc. (GS) and a $40 million tender offer with participation from IVP, Menlo Ventures, and Unusual Ventures. The investment values the company at $5.5 billion.
The company said it will use the funding to enhance its platform, expand globally, and make software delivery faster, safer, and more efficient. The investment will also support Harness AI, designed to remove bottlenecks and help engineering teams work more effectively.
Harness added that it is on track to exceed $250 million in annual recurring revenue in 2025, with over 50% year-over-year growth. The platform is now used by 1,000+ enterprise engineering teams worldwide, and the company has grown to 1,200+ employees across 14 offices.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Harness Raises $240M Series E Funding Led By Goldman Sachs Alternatives

Key Points
Analysts have a mixed view on Oklo.
While one sees limited upside, another sees a 50% upside from the current price.
Oklo is evaluating the use of alternative fuel materials in its nuclear power plants.
Shares of Oklo (NYSE: OKLO) were on shaky ground today, falling 5.4% in early Wednesday trading and were still trading 2.5% lower as of 2:30 p.m. ET on Wednesday. Optimism around the red-hot nuclear energy stock appears to be waning. Or, let's just say, some analysts are being cautious with their price targets after the stock's incredible 370%-plus run-up in 2025 so far.
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Plutonium could give Oklo an edge over rivals
Goldman Sachs analyst Brian Lee met Oklo's CEO Jacob DeWitte and Director of Investor Relations Sam Doane at an investor meeting on Dec. 9, post which the analyst reiterated a neutral rating and price target of $106 per share on the nuclear energy stock.
Having the same rating is, of course, better than watching your stock getting downgraded, but investors in Oklo aren't happy. That's because Lee's price target implies barely 5% upside from Oklo's current price of around $101 per share.
Should investors be worried? Maybe not, because analysts have a mixed view on Oklo stock. Just a couple of days ago, for instance, analysts from Seaport Global raised their price target on Oklo stock to $150 per share, especially after the company said that it is evaluating the potential use of plutonium as a nuclear fuel.
Oklo is building fast-fission nuclear power plants called Aurora powerhouses that can operate on both uranium and recycled fuel. In October, it signed a $2 billion partnership with Europe-based newcleo to build advanced nuclear fuel fabrication facilities in the U.S. that could repurpose surplus plutonium for use as nuclear fuel.
Keep an eye on Oklo stock
Shares of Oklo have fallen significantly from their October all-time highs of $193.84 per share as investors took profits off the table after a massive run-up in the shares. Oklo is working on multiple projects with the U.S. Department of Energy (DOE), which is mainly why the start-up stock has been in the spotlight and could remain so.
Should you invest $1,000 in Oklo right now?
Before you buy stock in Oklo, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Oklo wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $521,550!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,133,904!*
Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 194% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of December 8, 2025
Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Oklo Stock Traded Lower on Wednesday

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR Dow Jones Industrial Average ETF Trust (Symbol: DIA) where we have detected an approximate $976.6 million dollar inflow -- that's a 2.4% increase week over week in outstanding units (from 87,192,867 to 89,242,867). Among the largest underlying components of DIA, in trading today Goldman Sachs Group Inc (Symbol: GS) is up about 0.6%, Caterpillar Inc. (Symbol: CAT) is up about 1.2%, and Home Depot Inc (Symbol: HD) is higher by about 0.9%. For a complete list of holdings, visit the DIA Holdings page » The chart below shows the one year price performance of DIA, versus its 200 day moving average:
Looking at the chart above, DIA's low point in its 52 week range is $366.32 per share, with $484.395 as the 52 week high point — that compares with a last trade of $477.75. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Broker Darlings
NBSE Videos
Funds Holding LUX
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable ETF Inflow Detected - DIA, GS, CAT, HD

Key Points
Norwegian Cruise Line has underperformed peers like Carnival and Royal Caribbean.
Goldman Sachs expects the Caribbean market to become more saturated next year.
Thanks to a differentiated business model, Viking looks well-positioned for growth.
Cruise stocks have been a surprising bright spot during a time of economic anxiety and worries about inflation.
While some consumer-facing stocks like fast-casual chains and apparel companies have been seeing sales headwinds, cruise stocks have continued to deliver solid results. Of the three major cruise stocks, Carnival (NYSE: CCL), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line (NYSE: NCLH), Norwegian has been a laggard in the post-pandemic era as it's reported weaker net yield, or price, growth, and its occupancy rates have improved at a slower rate than its peers.
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Now, Goldman Sachs sees further pressure building on Norwegian. The investment bank downgraded Norwegian from buy to neutral and lowered its price target from $23 to $21, due to market saturation in the Caribbean and Norwegian's overexposure to that market. Norwegian is also investing in more growth in that region at a rate that's well above the industry's.
The cruise stock ready to rise
On the other hand, Goldman upgraded Viking Holdings (NYSE: VIK), the cruise operator best known for its river cruises, noting its differentiated geographic exposure with limited voyages in the Caribbean.
Additionally, Viking is seeing pricing growth for 2026 cruises accelerate, and it continues to demonstrate its pricing power in the industry. Analyst Lizzie Dove also said that the company could double its EPS growth, thanks in part to future capital return programs. She raised her price target from $66 to $78.
Why Viking looks like a winner
Viking Holdings went public in May 2024, and the stock has delivered strong returns since then, nearly tripling and bucking the typical concerns about IPO stocks.
The company has differentiated itself in a crowded and competitive industry with cruises that are child-free, mostly in the European market, and tend to cater toward intellectual interests, rather than activities like gambling and shopping.
Viking ships are also upscale, and every room has a view. Those choices have helped the company distinguish itself from the larger ocean liners, and it's clearly paying off.
In its third-quarter earnings report, revenue rose 19.1% to $2 billion, and it grew its fleet to 100 ships. Demand has been strong with net yield up 7.1% in the quarter, and 70% of the 2026 capacity for its core products is already sold.
Viking's revenue growth is outpacing the big three, and the company is delivering strong profits, including an operating margin of 30% in the seasonally strong third quarter.
Even after nearly tripling from its IPO last year, Viking still trades at a reasonable price-to-earnings ratio of 31. With a differentiated business model, strong momentum, and room for growth, Viking Holdings looks like a strong bet heading into 2026.
Should you invest $1,000 in Viking right now?
Before you buy stock in Viking, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Viking wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $521,982!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,137,459!*
Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 194% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of December 8, 2025
Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool recommends Carnival Corp. and Viking. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Sachs Just Upgraded Viking Holdings Stock to a Buy and Cut Norwegian Cruise Line. Here's Which Stock Could Soar In 2026 and Beyond.

Key Points
This company is a leader in a market that may approach $100 billion in a few years.
This player’s key products are delivering billion-dollar revenue.
The trillion-dollar club is ripe with technology giants, from Nvidia to Apple and Microsoft. That's because investors have gotten excited about the promise of these companies' technologies and innovations, and they've therefore piled into the stocks -- over time, this has helped these players' market value to advance, reaching into the trillions of dollars.
Investors also appreciate the enormous revenue growth these companies have delivered and see this growth, which is ongoing, as a factor that could continue to boost stock performance. That's why these tech players are the most valuable in the world.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
But my prediction is one of the next members of this club won't be a tech player: Instead, a surprising growth stock will reach -- and stay in -- the trillion-dollar club in 2026. Let's check it out.
Tech companies and Berkshire Hathaway
First, it's important to note that the "trillion-dollar club" isn't a real club with dues and perks. It's just a way many of us refer to those companies that have seen their market capitalization reach $1 trillion. Also, just because a stock has climbed to $1 trillion doesn't mean it's a buy -- it's key to consider the stock's valuation as well as its earnings strength and future prospects.
Today, as I mentioned, technology-related companies populate the club as investors have rushed to get in on high-growth opportunities. (An exception is the Warren Buffett-led Berkshire Hathaway, which passed the $1 trillion mark this year.)
But another growth opportunity exists, and surprisingly, it isn't in the tech field. This particular market is worth about $28 billion today, according to Goldman Sachs Research, and may reach $95 billion by the end of the decade -- and then go on to surpass $100 billion. Considering demand in this market in recent years and today, this is a very reasonable forecast.
I'm talking about the weight loss drug market, and the company that could benefit from this and even reach the level of a trillion-dollar market value is Eli Lilly (NYSE: LLY). Lilly briefly touched the $1 trillion mark last month, making it the first healthcare company to reach this level, but has since slipped to about $904 billion.
Offering safety and growth
I predict, though, that Lilly will return to that level next year and stay there. Here's why. Though, Lilly, as a pharma stock offers investors the safety of steady revenue streams and dividends, the company also has become a growth player thanks to its weight loss portfolio. Lilly sells tirzepatide -- but you might more readily recognize the drug under the names Mounjaro for type 2 diabetes and Zepbound for weight loss. Doctors have prescribed either to patients hoping to shed pounds, and this has resulted in blockbuster revenue.
In the most recent quarter, Lilly said volume growth of both of these drugs drove the company's 54% revenue gain.
Today, Lilly competes with Novo Nordisk in the space, but demand has been so high for these products that there's room for both players to generate significant growth -- last year, these weight loss drugs even spent time on the U.S. Food and Drug Administration's drug shortage list.
Excitement about a potential new drug
What may push Lilly to further stock market gains in 2026 is enthusiasm about its oral weight loss candidate, orforglipron. Today's weight loss drugs are injectables, so this, along with Novo's oral candidate, would be the first available in pill format.
Novo applied for regulatory approval months ago, so it may enter the market first, but in my view, Lilly has an advantage. Orforglipron is the only oral formulation that doesn't require dietary restrictions, making it simple to take on the go.
Lilly aims to file for regulatory review before the end of this year, and if all goes well, this new growth driver could reach commercialization in the near future. While orforglipron-driven revenue growth may take some time, investors in the coming months might anticipate this valuable addition to the weight-loss portfolio -- and rush to get in on Lilly stock.
All of this supports my prediction that Lilly will return to $1 trillion market value as investors bet on the company's current weight loss portfolio and the possible new addition -- and this growth potential may help Lilly hold onto its spot in this exclusive club.
Should you invest $1,000 in Eli Lilly right now?
Before you buy stock in Eli Lilly, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eli Lilly wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $521,982!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,137,459!*
Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 194% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of December 8, 2025
Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Goldman Sachs Group, Microsoft, and Nvidia. The Motley Fool recommends Novo Nordisk and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: This Surprising Growth Stock Will Reach -- and Stay in -- the Trillion-Dollar Club in 2026.

Virtus Investment Partners, Inc. VRTS, entered a definitive agreement to acquire a majority interest in Keystone National Group ("Keystone"), an investment manager specializing in asset-centric private credit and a pioneer in providing such strategies to the wealth channel.
Details of the VRTS Deal
Under the deal, Virtus will acquire a majority interest in Keystone for consideration of $200 million at closing and up to an additional $170 million of deferred consideration, including earnout payments subject to the achievement of future revenue targets. VRTS plans to fund the transaction using existing balance sheet resources.
The deal is anticipated to close in the first quarter of 2026, subject to customary closing conditions, including approvals from the KPIF fund board and shareholders. Virtus expects the acquisition to be accretive to earnings in 2026.
Rationale Behind VRTS Deal
The addition of Keystone’s capabilities is expected to strengthen Virtus’ multi-manager model by introducing a differentiated asset-backed lending capability, positioning the company to meet the rising demand for private markets solutions.
Founded in 2006, Keystone brings more than two decades of experience in managing private credit assets, specializing in diversified asset-backed lending. Its strategies span equipment finance, real estate finance, financial assets and asset-backed corporate loans, offering differentiated exposure across the private credit landscape. As of Oct. 31, 2025, Keystone managed $2.5 billion in assets and has deployed more than $6 billion of capital across over 750 transactions since its inception — a track record that showcases both scale and depth in private market activity.
VRTS’s move to acquire a majority stake in Keystone represents a calculated move as investors shift toward private credit and alternative income sources amid ongoing market volatility. Virtus’s expansion into this space underscores its commitment to providing specialized, institutional-grade strategies to a growing client base.
VRTS Price Performance & Zacks Rank
Shares of VRTS have declined 34.6% in the past year compared with the industry’s 16.1% plunge.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
Other Firms' Efforts to Expand Private Markets Offerings
In November 2025, Charles Schwab SCHW agreed to acquire Forge Global Holdings, Inc. This move aligns with Schwab’s strategy to offer private markets capabilities to retail and advisor clients, leveraging its comprehensive suite of wealth, advisory and investment management solutions, to address the complex needs of investors.
In September 2025, Goldman Sachs GS and T. Rowe Price TROW formed a partnership to expand retirement and wealth solutions across public and private markets. Goldman will invest $1 billion for a 3.5% stake in T. Rowe, gaining access to its retirement-focused clients. The collaboration will roll out private market access, Target-Date Strategies (mid-2026), model portfolios, multi-asset offerings and advisor-managed accounts. The Goldman-T. Rowe initiative marks a significant step in bringing alternatives into mainstream retirement and wealth planning. The partnership will unfold in phases, starting with high-net-worth clients in 2025 and expanding to retirement savers in 2026.
Zacks Naming Top 10 Stocks for 2026
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Virtus Pushes Into Private Markets With Majority Stake in Keystone

Key Points
Nvidia stock may have been under pressure lately, but investors shouldn't overlook the fact that investments in AI are driving returns for users in the real world.
As a result, Nvidia's prediction of $3 trillion to $4 trillion in data center capex spending may eventually turn out to be true.
Nvidia is likely to witness a significant increase in its top line over the next five years, which should be sufficient for it to reach a $10 trillion market capitalization.
Nvidia (NASDAQ: NVDA) is the largest company in the world with a market cap of $4.4 trillion as of this writing. What's worth noting is that the semiconductor bellwether became the first $5 trillion company toward the end of October.
However, multiple concerns have been weighing down Nvidia since it hit a 52-week high on Oct. 29, the day it attained a $5 trillion market cap. Shares of the company are down 13% since then. That's a bit surprising, considering Nvidia's latest results were outstanding and its guidance showed that its growth isn't going to slow anytime soon.
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Of course, investors are worried about the sustainability of the elevated levels of AI infrastructure spending apart from the huge circular deals that have created suspicions of the tech being in a bubble. Additionally, there are concerns about the real-world returns of the heavy investments in AI infrastructure.
These headwinds may lead investors to believe that Nvidia stock has topped out. However, don't be surprised to see the company hitting a $10 trillion market cap in 2030. Let's look at the reasons why.
AI spending is delivering returns
Last year, market research company IDC projected AI could account for 3.5% of the global gross domestic product (GDP) by 2030, contributing a whopping $19.9 trillion to the world's economy. The market research company also added that "every new dollar spent on business-related AI solutions and services will generate $4.60 into the global economy, in terms of indirect and induced effects."
While 2030 is a few years away, there are tangible signs of companies benefiting from AI adoption. Palantir, for example, is witnessing remarkable demand for its Artificial Intelligence Platform (AIP), which enables its customers to integrate generative AI tools into their data and operations. Palantir customers have been deploying AIP through their entire operations following the initial deployment, driven by the efficiency gains and redundancy reductions they are witnessing.
On the other hand, Meta Platforms is serving more relevant content to users across its social media platforms thanks to AI. The "Magnificent Seven" company is also delivering improved returns to advertisers on their spending because of AI. Meanwhile, Amazon has been deploying AI-powered robots in its warehouses to reduce delivery times, which it believes will lead to lower costs for consumers.
Even smaller companies are bullish about AI. A recent survey of 2,000 small business owners by Goldman Sachs revealed that almost all of them using AI in their operations were witnessing a positive impact. Specifically, 85% of small business owners using AI reported a bump in productivity and efficiency, while 81% noted that the technology was supplementing their employees.
Now, the AI software and tools that are powering these productivity gains wouldn't be possible without the chips that Nvidia designs. The company controls an estimated 85% to 90% of the AI chip market, according to William Blair analysts. This explains why Nvidia's data center revenue of $51.2 billion in the previous quarter was in multiples of the combined AI revenue of $9.5 billion generated by AMD and Broadcom in their last reported quarters.
More importantly, Nvidia's AI chip momentum isn't going to fade. The company's guidance of $65 billion in revenue for the current quarter would be a 65% spike from the same quarter last year. That's a slight acceleration from the 62% revenue growth the company reported last quarter. Those numbers are better than what its competitors reported.
AMD's data center revenue increased by just 22% from the year-ago period last quarter. Broadcom did better with a 63% increase in AI revenue to $5.2 billion, but that was lower than the 66% increase in Nvidia's data center revenue. Moreover, Nvidia achieved its growth on a much bigger scale. So, even though there is a probability of Nvidia losing ground in the AI chip market to AMD and Broadcom, that doesn't seem to be happening right now.
This is why Nvidia appears poised to reach a $10 trillion valuation in 2030.
Here's how Nvidia could become a $10 trillion company
Nvidia expects annual data center capital expenditures (capex) to land somewhere between $3 trillion and $4 trillion in 2030. That estimate can be corroborated by the projections that consulting firm McKinsey issued earlier this year. McKinsey estimates that a massive $6.7 trillion is likely to be spent on data centers by the end of the decade, $5.2 trillion of which will be allocated to AI.
With 60% of the data center capex allocated toward chips and computing hardware, according to McKinsey, there is a good chance of Nvidia's estimate turning out to be true. We have seen that Nvidia dominates the AI chip market by a big margin right now. But even if its market share were to slip in the next five years to 50%, and data center capex hits $3.5 trillion in 2030 (the midpoint of Nvidia's estimate), the company could generate more than $1 trillion in revenue (assuming 60% of that spending goes toward chips).
Nvidia currently trades at 23 times sales. So, even if it were to trade at a significantly discounted 10 times sales after five years, the possibility of this AI stock achieving a $10 trillion market cap in 2030 remains solid. That's why investors can continue holding shares of this semiconductor giant as they can more than double in the long run.
Should you invest $1,000 in Nvidia right now?
Before you buy stock in Nvidia, consider this:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: Nvidia Will Become a $10 Trillion Company in 2030

Goldman Sachs (GS) closed the most recent trading day at $854.56, moving +2% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.19%. On the other hand, the Dow registered a gain of 0.22%, and the technology-centric Nasdaq increased by 0.31%.
The investment bank's shares have seen an increase of 6.38% over the last month, surpassing the Finance sector's gain of 3.21% and the S&P 500's gain of 1.33%.
Market participants will be closely following the financial results of Goldman Sachs in its upcoming release. The company's earnings per share (EPS) are projected to be $11.52, reflecting a 3.6% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $14.44 billion, up 4.14% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $48.87 per share and revenue of $59.26 billion, which would represent changes of +20.55% and +10.74%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Goldman Sachs. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.63% increase. Right now, Goldman Sachs possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Goldman Sachs is at present trading with a Forward P/E ratio of 17.14. This valuation marks no noticeable deviation compared to its industry average Forward P/E of 17.14.
It's also important to note that GS currently trades at a PEG ratio of 1.11. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. GS's industry had an average PEG ratio of 1.11 as of yesterday's close.
The Financial - Investment Bank industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 34, positioning it in the top 14% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Goldman Sachs (GS) Surpasses Market Returns: Some Facts Worth Knowing

Amid favorable interest rates, improving credit demand and capital market activities, 2026 is shaping up to be a potentially strong year for the banking sector. After several years of volatility, thanks to Fed rate hikes and inflationary pressures, banks may finally find themselves in a more favorable macro environment.
The segment has started to fly higher this year. Invesco KBW Bank ETF KBWB has added 25.3% so far in 2025, beating 17.1% gains recorded in SPDR S&P 500 ETF Trust SPY. However, the broader financial State Street Financial Select Sector SPDR ETF XLF has advanced 11.3% in the year-to-date frame.
Let’s delve a little deeper into the fact why bank stocks could soar in 2026.
Upbeat Zacks Ranks
The Finance sector ranks second out of the 16 Zacks classified sectors. The Financial - Investment Bank category, from which most big banks come, is also strongly positioned at present. The industry ranks in the top 11% of the 243 industries classified by Zacks.
Steepening Yield Curve in the Cards?
The Fed is currently cutting interest rates. If risk-on sentiment in the market holds (assuming the so-called AI bubble doesn’t burst), long-term bond yields are likely to rise, while short-term yields will decline due to the Fed’s rate cuts.
This would steepen the yield curve — a positive for the banking sector — by boosting banks’ net interest margins. However, healthy credit demand is necessary to support gains in the net interest margins.
Cheaper Valuation
The financials sector currently trades at a forward price-to-earnings multiple of 11.47 versus 20.01 possessed by the S&P 500. The Financial - Investment Bank industry trades at a forward P/E of 17.12X.
Projected EPS Growth of the sector is a solid 9.80% versus the S&P 500’s growth of 7.62%. The Financial - Investment Bank industry’s growth is 18.18%. The financials sector currently has a lower debt-to-equity ratio of 0.32X than the S&P 500’s 0.57X. The Financial - Investment Bank industry’s debt-to-equity ratio is even lower at 0.26X.
Deal-Making in Fine Fettle Despite Trade Uncertainty
Despite ongoing tariff threats and policy uncertainty, banks reported in mid-2025 (mentioned on Yahoo Finance) that corporate clients remain undeterred. Companies are still pursuing mergers, issuing debt and going public. This shows that strategic initiatives are in place, irrespective of short-term trade risks.
Investors should note that for banks’ equities trading desks, volatility isn't a threat; it’s a business driver. Their profits don’t depend on whether markets rise or fall, but on the volume and frequency of trades. As stock prices are volatile this year, banks have benefited from elevated trading activity. In the future, too, banks will be there to enable trades and collect fees at every turn.
Upbeat Q3 Earnings
We now have third-quarter results from 100% of the Finance sector’s total market capitalization on the S&P 500 index. Total earnings for these Finance sector companies grew more than 25.4% from the same period last year on 8.4% higher revenues, with 90.3% beating EPS estimates and 74.2% beating revenue estimates.
JPMorgan Chase & Co. JPM, Wells Fargo & Company WFC, Citigroup Inc. C, Goldman Sachs GS, Morgan Stanley MS and Bank of America BAC beat both top and bottom-line estimates in their latest earnings releases.
The capital markets segment is finally delivering results after several quarters of management highlighting improving deal pipelines. While activity has remained low by historical standards, the favorable regulatory and monetary policy environment makes it reasonable to be optimistic about the sector’s prospects.
Consumer spending and household finances remain stable. Credit demand shows signs of improvement, and delinquencies have declined from their peaks despite some occasional strains.
Bank ETFs in Focus
Against this backdrop, financial exchange-traded funds (ETFs), such as iShares U.S. Financial Services ETF IYG, iShares US Financials ETF IYF, Invesco KBW Bank ETF KBWB, Financial Select Sector SPDR XLF and Vanguard Financials ETF VFH, should gain. ETFs like KBWB and First Trust NASDAQ Bank ETF FTXO have also been hovering around a 52-week high.
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iShares U.S. Financials ETF (IYF): ETF Research Reports
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Index	Bulls	Bears
Confidence		—
Support		—
Cash flows		—

	S/L 5%RUB 865.48	S/L 10%RUB 819.93	S/L 15%RUB 774.38
Day	0.17%	0.00%	0.00%
Week	16.04%	0.39%	0.00%
Month	49.34%	15.94%	3.00%

Goldman Sachs Group, Inc. (The)

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