Goldman’s Rule of 10 Points Back to AI Infrastructure

Goldman Sachs’ updated “Rule of 10”: the strongest expected growth in the S&P 500 is still concentrated around AI infrastructure.

The framework looks for companies with realized and expected annual revenue growth above 10% from 2024 through 2028. In the latest screen, the largest projected 2026 growth rates are not broadly distributed. They cluster around memory, compute, servers, cooling, storage, and networking.

$MU leads the list with +230% consensus revenue growth expected for 2026. The key driver is high-bandwidth memory, especially as AI systems require more advanced memory capacity close to compute. The thesis is less about a normal memory upcycle and more about supply compression in advanced packaging.

$AVGO follows with +74% expected growth. Broadcom’s role sits across custom AI silicon, compute offload, optical networking, and enterprise software through VMware. This makes it one of the more diversified infrastructure names in the screen.

$NVDA remains central, with +71% expected growth. The company still controls the core compute layer, while enterprise AI adoption continues moving from experimentation into full-scale deployment.

The infrastructure theme also extends beyond chips. $SMCI screens at +68% expected growth through high-density server rack demand, although Goldman maintains a Sell rating due to margin and profitability concerns. $VRT, at +33%, represents the cooling and power layer. Dense GPU clusters cannot scale without thermal management. $STX, at +29%, reflects the storage side of AI, where training data, inference logs, and cloud archives require high-capacity nearline drives. $ANET, at +27%, captures the AI networking fabric, especially as Ethernet gains relevance in large-scale clusters.

Outside AI hardware, the screen also includes platform and healthcare compounders. $DASH is tied to local logistics expansion. $AXON benefits from public safety software adoption. $META uses AI infrastructure to improve ad monetization. $LLY and $PODD reflect durable healthcare demand.