As geopolitical tensions rise, market volatility increases, and investors look for stability, Wall Street analysts are identifying companies that may still offer strong growth potential despite broader uncertainty.
Analysts at Goldman Sachs recently highlighted several stocks they believe investors should consider buying during the current market turbulence. The recommendations span multiple sectors including artificial intelligence, retail, consumer packaged goods, restaurants, and travel.
The investment bank’s picks come at a time when markets are experiencing heightened volatility driven by Middle East tensions, rising energy prices, and concerns about global economic growth. The Cboe Volatility Index recently surged to its highest levels in months, reflecting growing investor anxiety.
Yet Goldman believes some companies are positioned to outperform even in a challenging macro environment.
Among the stocks the firm recently highlighted are Nvidia, Ross Stores, Viking Holdings, Dutch Bros, and Once Upon a Farm. Each operates in a different sector but shares a common theme: strong growth drivers that could continue even if broader markets struggle.
Below is a closer look at why Goldman Sachs believes these companies could be attractive opportunities for investors.
Nvidia: AI Spending Remains a Massive Growth Engine
Few companies have benefited more from the artificial intelligence boom than Nvidia, which has become the dominant supplier of GPUs used to train and operate AI models.
Despite massive gains in recent years, Goldman Sachs still believes Nvidia has additional upside due to continued growth in AI infrastructure spending.
The firm expects large technology companies to significantly increase capital expenditures to support AI development.
“First, we expect upside to CapEx forecasts from hyperscalers in 2026, and early indications of 2027 CapEx growth becoming apparent. Second, we expect additional visibility into spending intentions by Nvidia’s non-traditional customers such as OpenAI and Anthropic through 2027 as their funding rounds are completed.”
In other words, demand for Nvidia chips is not just coming from traditional cloud providers like Amazon, Microsoft, and Google. A new class of AI companies is now investing heavily in computing infrastructure as well.
That shift could extend Nvidia’s growth runway for years.
Recent earnings reports from major tech companies support Goldman’s view. Many have announced tens of billions of dollars in new data center investments tied specifically to AI workloads.
For investors, the key question is whether Nvidia can maintain its leadership position. Goldman appears confident the company’s technology advantage and ecosystem give it a powerful moat.
Ross Stores: Off-Price Retail Thrives When Consumers Feel Pressure
While high-growth tech companies capture headlines, Goldman also sees opportunity in a more defensive segment of the market: off-price retail.
Discount retailer Ross Stores has historically performed well during economic slowdowns because consumers often trade down from higher-priced retailers when budgets tighten.
The company recently delivered strong quarterly results that impressed Goldman analysts.
“ROST reported a robust 4Q beat led by a significant acceleration in comp on both a 1-yr and 2-yr stack. Looking ahead, management’s 1QTD commentary was constructive, where they noted their merchants have delivered a strong post-holiday transition and the spring season is off to a very strong start. This quarter marks another strong proofpoint for ROST’s strategic playbook.”
Off-price retail models benefit from two key factors.
First, they attract budget-conscious shoppers when economic conditions become uncertain.
Second, they can often acquire excess inventory from major brands at discounted prices, allowing them to maintain attractive margins.
As inflation continues to pressure household budgets across the United States, retailers like Ross may see continued customer traffic.
Viking Holdings: Luxury Cruise Demand Remains Strong
The cruise industry faced enormous challenges during the pandemic, but it has staged a dramatic recovery in recent years.
Goldman Sachs believes Viking Holdings, a luxury cruise operator, is particularly well positioned due to its focus on affluent travelers.
The company recently reported strong earnings, prompting Goldman to raise its price target.
“Another beat and raise with consistently strong pricing power and visibility.”
Analyst Lizzie Dove also noted that Viking appears relatively insulated from broader economic uncertainty.
“In a world where there’s been some uncertainty around cruise and the macro in recent months, VIK continues to fire on all cylinders with its higher-income demographic and differentiated product coming through.”
Unlike mass-market cruise lines, Viking targets wealthier travelers who are often less sensitive to economic cycles.
Demand for luxury travel has remained resilient even during periods of economic stress, particularly among retirees and high-net-worth consumers.
That positioning may help Viking maintain pricing power and occupancy levels even if global growth slows.
Dutch Bros: A Rapidly Expanding Coffee Chain
Goldman Sachs also upgraded Dutch Bros, a fast-growing drive-thru coffee chain that has built a loyal following across the United States.
Shares have declined roughly 16 percent in 2026, creating what Goldman believes may be an attractive entry point for investors.
Analyst Christine Cho recently upgraded the stock to buy from neutral.
“We see the recent pullback as an attractive entry into the best-in-class growth story in all of US Restaurant space, driven by solid SSSG and strong unit economics supporting mid-teens store growth.”
Dutch Bros has differentiated itself by focusing on highly customizable beverages, particularly energy drinks and flavored coffee options.
Cho highlighted that unique aspect of the company’s business model.
“Leader in customized energy drinks with customization built into the model.”
The chain is also aggressively expanding its store footprint. While Starbucks operates more than 15,000 U.S. locations, Dutch Bros still has fewer than 1,000 stores nationwide.
That leaves significant room for growth.
If the company successfully executes its expansion strategy, it could continue gaining market share in the large and highly competitive coffee industry.
Once Upon a Farm: Riding the Health Food Trend
Another company Goldman recently initiated coverage on is Once Upon a Farm, a maker of organic baby and children’s foods.
The company went public earlier this year and operates in a rapidly growing segment of the food industry focused on healthier ingredients.
Goldman analyst Leah Jordan believes the company is well positioned to benefit from changing consumer preferences.
“….we see a high-growth story tied to its premium portfolio of baby/kids food, supported by strong brand power, its defensible market position with in-aisle coolers, & the secular trend toward better-for-you consumption.”
Health-focused food trends have gained momentum over the past decade, especially among younger parents seeking organic and minimally processed products.
Jordan also emphasized the company’s strong competitive positioning.
“Underscoring this brand strength, we note the company is leader of dollar growth in the categories it participates in, while we believe the company has solid pricing power given low elasticity to prior price increases.”
In simpler terms, customers have continued buying the company’s products even after price increases, suggesting strong brand loyalty.
Why Goldman’s Picks Matter Right Now
The timing of Goldman Sachs’ recommendations is notable.
Markets are currently facing several major sources of uncertainty, including:
• Escalating conflict involving Iran
• Oil price volatility
• Persistent inflation concerns
• Central bank interest rate uncertainty
• Slowing global economic growth
During periods like this, investors often shift their focus from speculative growth stocks toward companies with clearer fundamentals and durable demand.
Goldman’s list reflects that strategy.
The selections combine:
• AI infrastructure leaders
• Defensive consumer businesses
• Luxury travel companies with affluent customers
• Rapidly expanding restaurant brands
• Health-focused food companies benefiting from long-term trends
By diversifying across multiple sectors, Goldman appears to be highlighting companies that could perform well even if market volatility continues.
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