By Graeme Wearden
Publication Date: 2026-03-01 07:00:00
Investors have a new mantra as they prepare for AI to shake up the global economy – halo trading.
Interest in Halo — short for “heavy assets, low obsolescence” — has increased as investors look for companies with tangible, productive assets that could be spared from AI disruption, such as energy and transportation infrastructure companies.
While US mega-cap technology companies had a difficult start to 2026, halo trading helped UK and EU stock markets hit record levels by the end of February.
Goldman Sachs reported this week that its basket of more than 100 high-spending companies has outperformed a similar group of cash-light companies by 35% since 2025 as “asset intensity becomes a key driver of valuations and returns.”
“After more than a decade of underinvestment (particularly in Europe), companies are returning to physical assets,” Goldman analysts told clients.
Goldman defined halo companies as those that combine significant physical capital…
