2026 Global Technology Conference: What did we learn

The 2026 BofA Global Technology Conference highlighted robust, broadening AI demand across semiconductors, hardware, networking, and software. Investors are rotating funds into hardware and semis to capture immediate AI infrastructure growth, while software and internet companies focus on AI-led monetization and platform integration.

Key Takeaways

• 1.AI infrastructure demand is strong, with supplies fast-growing but still outpaced by demand.
• 2.Inference and agentic AI are emerging as key drivers for incremental demand in compute, memory, and storage.
• 3.Internet sector stock underperformance is likely driven by the flow of funds to hardware/semis in the early phase of the AI cycle.

Table of Contents

• Semis: AI broadening, supported by order/supply visibility
• Software: tone positive with AI remaining center stage
• Networking: AI and enterprise strength persists
• IT Hardware: Agentic AI driving traditional compute demand higher
• Internet: stock performance reflects early stage of AI cycle
• Payments & Fin-Tech: AI rewrites growth across Fintech
• EU Semis: AI strength offsets softer legacy backdrop
• Recap Notes from the Global Technology Conference