TMT Special Sales Daily Wrap

Goldman Sachs TMT wrap highlights surging semiconductor valuations, Capgemini's new medium-term guidance, and Zegona's bearish stance on European tower infrastructure.

Key Takeaways

• 1.Semiconductor sector momentum is surging, led by Micron exceeding a $1 trillion market cap and SK Hynix receiving funding proposals from Big Tech for AI-related memory capex.
• 2.Capgemini (CAP) introduced new 2025-28 mid-term targets, including a 5.5%-7.5% revenue CAGR, though investors remain cautious regarding near-term margin pressure and FCF conversion.
• 3.Zegona expressed a bearish outlook on the Spanish tower market, planning to migrate customers to infrastructure sharing models to reduce costs, which may impact companies like Vantage Towers.

Table of Contents

• TODAY'S WRAP
• A load of press on price increases to come
• TELCOS
• MEDIA & INTERNET
• GAMBLING
• MACRO AND TRADING
• 2026 EMEA Conferences
• 2026 Conferences
• TMT RESEARCH TEAMS

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