Here are Goldman's top internet picks now that second quarter earnings are over

As the second-quarter earnings season wraps up, Goldman Sachs has its eyes on a collection of internet stock picks that the Wall Street bank is optimistic on following their latest results. Goldman noted several key themes that drove the earnings season, including the return on invested capital for stocks tied to artificial intelligence spending, as well as the health of U.S. consumer spending.

mountain Amazon stock. "We believe that AMZN sees this as an opportunity to gain market share and meet consumers with lower prices, faster delivery speeds and a widening selection," Sheridan wrote. "We believe that AMZN's everyday essentials business is still growing well into the double-digits and discretionary/high ticket items are still growing but at a slower pace they would in a stronger economy.

mountain Alphabet stock. "Going forward, we see debates centering around ability to continue to show stable/accelerating revenue trends, how much of that is driven by core workloads returning to the mix vs. AI services contribution & continued upward bias to capital investments related to cloud infrastructure to support execution against the AI opportunity with an increasing focus on ROIC among investors," Sheridan said.

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