Nvidia (NVDA) will report earnings after the bell, giving investors a new look at the state of AI. The stock is already up nearly 200% this year, and more than 2,600% in the past five years, as the company’s revenues have soared amid a surge in demand for its AI chips.

David Kostin, Goldman Sachs’ chief U.S. equity strategist, argued during a media roundtable on Wednesday that it may be time for investors to look elsewhere to profit from the AI ​​boom. Nvidia’s launch was “phase one” of the AI ​​business, Kostin said. Business in “AI infrastructure,” companies that will help fuel the AI ​​boom and spend money on AI chips to run new servers, has also already boomed, in some cases even beyond expected profit growth, Kostin said .

But the prices of stocks in Goldman’s “AI-enabled Revenue” group haven’t seen the same reaction. This group, according to Kostin, could benefit from not having to spend as much on expensive AI hardware, but still reap the potential benefits of AI as a whole.

The group includes stocks like Uber (UBER), Adobe (ADBE), Mastercard (MA), Salesforce (CRM) and more.

“We at companies in the AI-enabled stock turnover group where their stock performance basically matched their earnings growth,” Kostin said. “And so our analysis is that there is a potential for multiple expansion in those stocks.”