Europe Technology Hardware Update

Goldman Sachs updates estimates and price targets for key European technology hardware companies, reflecting robust industry demand for AI infrastructure and semiconductor equipment.

Key Takeaways

• 1.Constructive industry backdrop for Semiconductor Capital Equipment and AI infrastructure driven by healthy demand.
• 2.Analyst updates to estimates and Price Targets for ASML, ASMI, BESI, and Nebius.

Table of Contents

• Recent semicap datapoints reinforce constructive industry backdrop
• Sovereign AI, GPU pricing and capacity expansion underpin AI Neocloud growth
• Changes to estimates
• Valuation and key risks
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures

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