Weekly Market Monitor

Chart of the Week Notes: Source: Bloomberg and Goldman Sachs Asset Management. As of November 11, 2025. “AI” refers to artificial intelligence. Chart shows 2025 year-to-date performance, contribution to S&P 500 index 2025 performance, and share of the overall S&P 500 index’s market capitalization for two groups of stocks, AI Exposed Equities (less any Magnificent 7 stocks) and the Magnificent 7. AI Exposed Equities is a collective list of stocks that is comprised of three individual baskets created by Goldman Sachs Global Investment Research. The three baskets that make up the AI Exposed Equities are AI Phase 1 (NVDA), AI Phase 2 (GSCBAIP2), and AI Phase 3 (GSCBAIP3). Magnificent 7 refers to NVDA, AMZN, TSLA, META, AAPL, GOOG, and MSFT. Past performance does not guarantee future results, which may vary.  For illustrative purposes only. 'Our' refers to Goldman Sachs Asset Management.

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References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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