GS TMT Spec Sales

This report highlights a market-wide technical drawdown in AI/momentum stocks and updates on major model launches including GPT-5.6 and Grok 4.5. It also flags increasing US telco satellite competition and provides previews for upcoming tech earnings.

Key Takeaways

• 1.AI market sentiment is cooling following a significant momentum drawdown, but current data points toward a technical unwind rather than a fundamental break in the AI investment thesis.
• 2.Frontier AI model competition is reaccelerating with the launches of OpenAI's GPT-5.6 and xAI's Grok 4.5, putting renewed focus on compute demand and agentic AI capabilities.
• 3.US telco sector faces new regulatory uncertainty regarding SpaceX's FCC filing for a 100,000-satellite constellation, heightening competitive risks for established European and US operators.

Table of Contents

• TODAY'S WRAP
• AI Infra: ZML / AI inference
• US telco satellite risk back in focus
• Spec Sales Thoughts into earnings
• OTHER
• GS Webinar
• GS Communacopia + Technology Conference
• AWAY FROM GS
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• TMT

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