Goldman Sachs International
February 4, 2026
Renewed Fears of AI Disruption and TMT Market Wrap
Market ReportEquitiesMacro Economic IndicatorsCommunication ServicesFinancials
The report highlights a broad market sell-off in software and tech services due to 'agentic AI' disruption fears, while detailing mixed corporate updates from IFX, SAP, and PayPal.
Key Takeaways
- 1.The TMT sector is experiencing renewed sell-off pressure driven by fears of AI-led disintermediation, specifically targeting software-as-a-service (SaaS) and consulting firms.
- 2.Infineon (IFX) is significantly increasing capital expenditure in AI data center power supplies to €2.7B from €2.2B, targeting 66% growth in that segment for FY27.
- 3.PayPal's performance is being hindered by slow execution and a loss of market significance in its branded business due to competition from Apple Pay and Google Pay.
Table of Contents
- TODAY'S WRAP
- TECH SNAPSHOT
- TELCO SNAPSHOT
- MEDIA & INTERNET SNAPSHOT
- GAMBLING
- MACRO AND TRADING
- TMT Corporate Access
- 2026 EMEA Conferences
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Authors
Sean Johnstone
Securities
NVDAAnthropicPLTRSAPPYPLIFX
Themes
Agentic AI DisruptionGeopolitical Export ControlsSpace Economy and Satellite Vulnerability
Regions
EuropeAsia PacificNorth AmericaUnited StatesChinaGermany