GS TMT Spec Sales

This report covers market activity in the TMT sector, highlighting ASML's robust capacity guidance against the backdrop of an IBM-led software wobble. It also details major M&A rumors including a potential Stripe-PayPal deal and ongoing Uber-Delivery Hero negotiations.

Key Takeaways

• 1.ASML beat Q2 earnings and raised EUV capacity outlook for 2027-2028, signaling strong AI-driven demand.
• 2.IBM's revenue miss and subsequent -17% move acted as a negative read-across for enterprise IT, but is seen as specific to mainframe/software rather than a sector-wide demand collapse.
• 3.Stripe and Advent International have reportedly offered to acquire PayPal for >$53bn, highlighting the depressed valuation in the payments sector.

Table of Contents

• RESULTS
• Payments / PayPal / Adyen read-across
• IBM miss / tech read-across
• Delivery Hero / Uber
• GS STS / SpaceX Long Gamma
• GS Communacopia + Technology Conference
• European Communacopia Conference
• Webinar Thursday
• AWAY FROM GS
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• TMT

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