Big tech is wobbling. Goldman Sachs says it’s time to buy these 23 unloved stocks instead.

Goldman Sachs has flagged a rotation toward consumer-facing stocks that have lagged the broader market, according to the firm's latest outlook. The call comes as earnings growth is projected to slow next year and big tech stocks—long the market's engine—struggle for momentum. Rather than abandoning equities, the firm's thesis suggests looking where valuations have lagged and expectations are lower.

The logic rests on a familiar market pattern: when leadership from a narrow group of stocks fades, attention often shifts to segments that have been overlooked. Consumer-facing companies that have underperformed may carry more modest valuations and less demanding expectations, which can matter when growth decelerates. Goldman's list reportedly spans 23 such names.

For observers, the key takeaway is less about any single stock and more about the shifting narrative around market leadership. What to watch: whether earnings revisions for these laggards begin to improve, whether big tech stabilizes, and whether investors actually rotate capital or simply discuss it. Sector rotation calls can take time to play out, and past leadership changes have not always been durable. As ever, the gap between a forecast and its realization is where the real story tends to unfold.