Nvidia (NVDA) is set to report earnings after the bell and give investors another look at the state of AI spending. 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 run wild amid a surge in demand for its AI chips.

In a media roundtable on Wednesday, Goldman Sachs chief US equity strategist David Kostin made the case that it may be time for investors to look elsewhere to benefit from the AI boom. Nvidia’s liftoff was “phase one” of the AI trade, Kostin said. The “AI infrastructure” trade, companies that will help power the AI boom and are spending on AI chips to operate new servers, has already taken off too, in some cases beyond their projected earnings growth, per Kostin.

But the prices of stocks in Goldman’s “AI enabled revenue” group haven’t seen the same reaction. This group, Kostin said, could benefit from not having to spend as much on expensive AI hardware but still reap the potential benefits from 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 revenue group of stocks where their performance of the shares have basically matched their earnings growth,” Kostin said. “And so our analysis is there’s a potential for multiple expansion in those stocks.”