Amazon, Roblox, Visa, Mastercard Rise After Goldman Calls ‘Fallen Angels’ the Next Tech Comeback Play

• Goldman highlighted a group of out-of-favour technology and payments stocks as potential rebound candidates.
• The basket includes companies spanning e-commerce, gaming and payments.
• The call comes as technology stocks head into the new year following strong gains in the broader sector.

Shares of Amazon.com, Roblox, Visa and Mastercard moved higher after Goldman Sachs pointed to a group of out-of-favour technology and growth stocks that it believes could be positioned for a comeback as the tech rally extends into the new year.

At the time of writing, Amazon shares were up 0.3%, while Roblox, Visa, and Mastercard were higher by 1.1%, 0.6%, and 0.9%, respectively.

Goldman Flags ‘Fallen Angels’ 

Goldman Sachs traders said technology stocks could extend their gains into the new year, pointing to the Nasdaq 100’s roughly 22% rise so far in 2025 as evidence of continued strength in the sector. 

In a Tuesday email, the firm’s trading desk said the outlook for the tech-heavy index remains positive, with Goldman’s technology, media and telecommunications specialist Peter Callahan noting that returns next year could be solid, even if performance is more concentrated in the first half, according to a CNBC report.

The note also outlined a basket of “fallen angels,” made up of technology and growth stocks that are currently well below their highs, including Arista Networks, DoorDash and Synopsys, alongside Amazon, Roblox, Visa and Mastercard.

Amazon In Focus Amid AI Spending Debate

Amazon has drawn renewed attention in recent weeks as investors weigh reports that the company is exploring a multibillion-dollar investment in OpenAI tied to the use of its Trainium chips. The move would add to Amazon Web Services’ growing role in the AI infrastructure race, even as critics warn that a web of cross-investments among AI companies and cloud providers could amplify risks if demand slows.

The stock has lagged some AI-linked peers, including Nvidia, Alphabet and Microsoft, this year, making it one of the larger names seen as potentially mispriced if cloud and AI workloads continue to expand.

Roblox At The Center Of A Valuation Reset

Roblox has been volatile after a strong run earlier this year was followed by concerns over user engagement and growth sustainability. While JPMorgan recently downgraded the stock, citing moderation in activity after viral hits peaked, Morgan Stanley reiterated an overweight stance, pointing to early data suggesting Roblox’s new age-verification system has not hurt engagement.

That push-and-pull has left Roblox well below past highs, even as analysts debate whether safety initiatives and new experiences can support longer-term growth.

Payments Stocks Seen As Steady Laggards

Visa and Mastercard have also been flagged as relative laggards despite steady operating performance. Both companies have continued to expand their networks and invest in new rails, including Visa’s recent move to enable U.S.-based settlement using the USDC stablecoin and Mastercard’s efforts to broaden merchant access to its payment infrastructure through partnerships.

Recent holiday-season data from Visa and Mastercard pointed to resilient consumer spending, with electronics and online sales leading growth, reinforcing the durability of transaction volumes even as shoppers remain price-conscious.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for Amazon was ‘bullish’, while Roblox and Visa saw ‘bearish’ and ‘neutral’ sentiment, respectively, all amid ‘normal’ message volume. Mastercard, meanwhile, was marked ‘bearish’ with ‘high’ message volume.

So far this year, Amazon shares are up 0.3%, while Roblox, Visa, and Mastercard have gained 1.1%, 0.7%, and 1%, respectively.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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