Goldman Sachs wrote a note to its clients on industries and companies that thrived on customer inertia to switch, and these companies are now potential targets for personal ai agents since these agents could potentially remove the friction of switching.
I can’t seem to find the original note anywhere except the Barron’s article that referenced it. (If you do have a copy of the original Goldman Sach note, please share it)
I asked BruceDD to check on the Industries and Companies mentioned, this is the response
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Here is the full list pieced together from the reporting on the Goldman note — since Goldman said the note itself is "for client consumption only" and wouldn't share it.
The note is called Goldman's "consumer inertia" basket.
Companies specifically named as being in / affected according to the reports:
From the first Barron's write-up on the note Tuesday:
• AT&T
• T-Mobile
• Netflix
• Allstate
• Progressive
• Booking Holdings
• Expedia
From Barron's follow-up articles on the same basket:
• Planet Fitness
• New York Times
• Charles Schwab
• Intuit
• TripAdvisor
• Shopify — mentioned as a Muse integration partner that still sold off
• PayPal
• Instacart / Maplebear
And described more generically:
• gym companies such as Planet Fitness
• news sites such as New York Times
• insurance providers such as Allstate
• streaming services such as Netflix
• vacation bookers such as TripAdvisor
• tax filing sites such as Intuit
Industries / categories Goldman said benefit from consumer inertia:
In Goldman's own words quoted by Barron's:
"insurance, telecom, travel, subscriptions, marketplaces, and certain fintech businesses all benefit when customers do not continuously optimize their choices."
Other reporting on the note summarized it as:
• telecom, utility and insurance sectors
That's the complete set that's been leaked via Barron's / Bloomberg / Investors.com so far.
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**My comments:**
Notice who are missing ? E-commerce sites giants Amazon, TikTok, Walmart, eBay etc