Goldman Sachs International
June 1, 2026
TMT Specialist Sales Market Wrap
Market ReportEquitiesMacro Economic IndicatorsInformation TechnologyCommunication Services
Goldman Sachs TMT Specialist Sales wrap highlights bullishness on the memory semiconductor sector through 2028, examines the competitive landscape for AI chips/tokens between China and the West, and notes a major €75bn AI investment by SoftBank in France.
Key Takeaways
- 1.Memory sector price targets raised for Samsung and SK Hynix as analysts expect the upcycle to extend into 2028 due to AI demand and supply constraints.
- 2.Chinese AI models (Alibaba, ByteDance) lead in raw token volume through aggressive pricing, while US leaders (OpenAI, Anthropic) maintain dominance in enterprise revenue and safety.
- 3.SoftBank pledges a €75bn investment in France for AI computing clusters, aiming to build Europe's largest data center project.
Table of Contents
- TODAY'S WRAP
- TECH
- TELCOS
- MEDIA & INTERNET
- MACRO AND TRADING
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Authors
Sean Johnstone
Securities
Samsung ElectronicsSK HynixNVDA2330HAWKTEF
Themes
AI Infrastructure SupercycleGeopolitical AI RivalryAgentic AI & Edge Computing
Regions
North AmericaEuropeAsia PacificUnited StatesChinaFrance