Report published September 23, 2026
Goldman Sachs: European Express: Carbonomics, Telcos, Daimler, Heidelberg, ABI, Macro, Global, Corporate Access
Goldman Sachs · September 23, 2026
The GS European Express highlights an upgraded 67GW 2030 outlook for behind-the-meter data center power solutions, alongside constructive takeaways from the 15th German Corporate Conference covering telcos, Daimler Truck, and Heidelberg Materials. It also notes AB InBev's US CMD progress and an easing global inflation backdrop.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Goldman Sachs raised its behind-the-meter (BTM) power outlook for data centers from 40GW to 67GW by 2030, identifying a c.$55bn cumulative equipment opportunity for fuel cells.
- 2.Meetings at the 15th German Corporate Conference supported Buy ratings on German telcos (DT, United Internet, 1&1, Ionos), driven by easing competitive intensity and strong cost-efficiency expectations.
- 3.Daimler Truck expects strong North American demand supported by replacement needs and sees Chinese OEM price discounts constrained to 15-20% rather than 30-50%.
Table of Contents
- German Corporate Conference Takeaways
- Europe EPS Changes (10% or more)
- Other notable research
- BSTL
- Commodities & Industrials
- Consumer
- Financials
- Healthcare
- TMT
- Podcasts
- Macro / markets
- Global
- Upcoming Webinars
- European Conferences
- Global Conferences
- Non-Deal Roadshows
Report data
Europe EPS Changes (10% or more)
| Metric | Estimate | Context |
|---|---|---|
| Behind-the-Meter (BTM) Data Center Power Capacity Outlook | 67 GW | Raised from 40GW due to power availability constraints for data centers. |
| Fuel Cell Equipment Opportunity for Data Centers | 55 USD billion | Cumulative equipment market for supplying c.18GW globally to data centers. |
| Share of Global Data Center Power from BTM Gas Generation | 25% | BTM gas-power generation serving global data center demand. |
| 1&1 AG EPS Revision | -18.7% | EPS estimate cut from €1.48 to €1.20. |
| US Core PCE Inflation (3-month annualized pace) | 2.5% | Estimated annualized pace of core PCE over the last three months. |
Reports in this series
GS European Express is shown in chronological order through this edition, published on September 23, 2026.
Part of the GS European Express series — view all 29 editions
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