Goldman Sachs has identified three emerging investment themes gaining traction as investors look beyond AI. A report from July 17 by TechFlow Research notes that the volatility in AI infrastructure stocks has driven this shift. Over the past three months, the annualized volatility of Goldman Sachs' momentum factor surged to 36%, marking a 45-year high for non-recession periods. Meanwhile, the correlation of individual stocks in the S&P 500 has dropped to a historical low of 0.14, indicating a diversification in investment strategies.