Goldman's 'Fallen Angels' as the Next Tech Comeback Play: Strategic Repositioning in Underloved Tech Stocks with Strong Fundamentals and AI Tailwinds

The global technology sector is no stranger to cycles of euphoria and disillusionment. As markets recalibrate, certain stocks-once celebrated for their disruptive potential-fall out of favor, only to reemerge as undervalued opportunities. Goldman Sachs' 2025 list of "fallen angels" in tech highlights precisely this dynamic, spotlighting companies with resilient fundamentals and nascent AI-driven transformations. These firms, including Roblox, DoorDash, Visa, and Mastercard, represent a compelling case for strategic repositioning, as their underappreciated growth trajectories align with the accelerating integration of artificial intelligence into core operations.

Roblox: Rebuilding Engagement Through AI-Driven Ecosystems

Roblox, a platform synonymous with digital creativity, is leveraging AI to enhance user engagement and safety. According to a report, the company has deployed systems like Cube 4D for real-time, multiplayer content creation and RoGuard for AI-generated text moderation. These innovations aim to address long-standing challenges in moderating user-generated content while fostering a more dynamic ecosystem. However, such investments come at a cost: increased spending on GPU infrastructure and edge data centers is expected to pressure operating margins through 2026. Despite this, Goldman Sachs and Morgan Stanley have positioned Roblox as a "fallen angel" with a strong growth trajectory, citing test market results for its new age verification system that align with or exceed peer benchmarks.

DoorDash: Navigating Margin Pressures and AI-Driven Innovation

DoorDash's struggles with margin pressures and long-term monetization have led to skepticism among investors. Yet, the company's aggressive foray into AI-driven autonomous delivery and product development signals a strategic pivot. Analysts from Citi and Morgan Stanley note cautious optimism about its ability to balance innovation with profitability, particularly as AI optimizes logistics and enhances user engagement. The stock's 39% gain this year underscores its latent potential, though Wall Street's uneven appetite for AI spending-evidenced by mixed reactions to similar investments by peers like Duolingo-remains a headwind.

Visa and Mastercard: Agentic Commerce and Fintech Resilience

In the fintech space, Visa and Mastercard are quietly redefining their roles through AI. Mastercard is pioneering agentic commerce, where AI agents autonomously execute tasks like booking flights or managing inventory. The company's Agent Pay initiative further addresses security and ethical concerns, positioning it at the forefront of a paradigm shift in transactional systems. Meanwhile, Visa's mid-single-digit gains this year reflect its strong positioning in online and electronics spending, with Evercore ISI upgrading both stocks to "outperform". These moves highlight their underappreciated growth potential, as AI-driven personalization and fraud detection become table stakes in a competitive market.

Strategic Repositioning: Balancing Risks and Rewards

The "fallen angels" identified by Goldman Sachs share a common thread: they are leveraging AI to address core operational challenges while navigating near-term margin pressures. For investors, this presents a dual opportunity. On one hand, these companies are undervalued relative to their peers, offering entry points at discounted valuations. On the other, their AI-driven transformations-though costly-position them to capitalize on 2026's anticipated market recovery. As Peter Callahan of Goldman's technology desk notes, the key lies in discerning which firms can sustain their innovation without sacrificing long-term profitability.

Conclusion: A Case for Patience and Precision

The tech sector's next phase of growth will likely be defined by companies that can harmonize AI integration with financial discipline. Roblox, DoorDash, Visa, and Mastercard exemplify this balance, each addressing unique pain points through technology while maintaining strong fundamentals. For investors seeking to capitalize on the "fallen angels" narrative, the imperative is clear: prioritize firms with clear AI value propositions and robust balance sheets, even as they navigate short-term headwinds. As the market approaches 2026, these underloved stocks may well emerge as the sector's most compelling comeback stories.