Goldman Sachs International
May 11, 2026
TMT Specialist Sales Update
Market ReportEquitiesMacro Economic IndicatorsFXInformation TechnologyCommunication Services
This Goldman Sachs TMT specialist sales report covers the US debut of Wise, major stake divestments in Delivery Hero, and emerging themes in AI, specifically the rising cost of tokens and the shift toward agentic AI models.
Key Takeaways
- 1.AI token costs are emerging as a critical investor concern, with companies like Atlassian and Shopify flagging impact on margins while pivoting to 'context-aware' agents to mitigate expenses.
- 2.Wise (WSE US) begins trading in the US with focus on its platform business (white-labeling infrastructure) which grew 80% in 1H26.
- 3.Prosus has reduced its stake in Delivery Hero to 17% by selling a 5% stake to Aspex Management at a 22% premium.
Table of Contents
- TODAY'S WRAP
- TECH
- TELCOS
- MEDIA & INTERNET
- GAMBLING
- MACRO AND TRADING
- 2026 EMEA Conferences
- 2026 Conferences
- TMT RESEARCH TEAMS
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Authors
Sean Johnstone
Securities
WISEa.LDelivery Hero2330MA
Themes
AI Agentic Economy and Token CostsGeopolitical Tensions affecting MarketsConsolidation and Strategic Stake Sales
Regions
North AmericaAsia PacificEuropeUnited StatesChinaJapan