Goldman's top technology analyst is laying out his best internet picks as the first-quarter earnings season wraps up. Despite a murky macro backdrop, "our main takeaway from this earnings season was that the Internet consumer is continuing a theme from 2023 into 1H 2024 of settling into a normalized behavior with consumer spending growing YoY albeit with a continued shift toward services over goods ... " wrote Eric Sheridan.
mountain Shares this year " Q1 earnings report signaled a vocal commitment to AI and metaverse investment cycles with short-term revenue trajectory less a focus when compared to long-term potential of positioning the company for success across AI led platform/product shifts," he wrote. Beyond the megacap names, Sheridan highlighted Expedia as a stock that should benefit from the normalization of online travel toward pre-Covid levels.
mountain Shares this year Instacart is another internet stock poised to benefit in this changing consumer landscape, including consolidation toward fewer online services and platforms. Shares have surged 39% this year.
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