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

Goldman Sachs has flagged a set of 23 consumer-facing stocks it describes as laggards, arguing they offer a more attractive path as earnings growth is expected to slow next year and big tech loses momentum. The call reflects a rotation-minded view: when the market's largest growth names wobble, attention can shift toward companies whose valuations and expectations have lagged the broader index.

The logic rests on relative positioning rather than a forecast of a sharp downturn. If earnings growth decelerates across the market, the premium embedded in high-multiple technology names may come under scrutiny, while stocks that have already de-rated could face a lower bar for positive surprises. Consumer-facing businesses are particularly sensitive to spending trends, margins, and input costs, so the group is not uniform in risk.

What to watch: whether big tech's pullback proves temporary or signals a broader leadership change, and whether upcoming earnings confirm the expected slowdown. Investors may also track consumer spending data and any signs of earnings revisions among the named laggards. Goldman's list is a research view, not a guarantee—performance will depend on execution and the economic backdrop.