Goldman Sachs TMT Specialist Sales: Market Dynamics & Earnings Analysis (Aug 13, 2026)

Goldman Sachs TMT Specialist Sales highlights Adyen's strong Q2 topline growth (+22% ex-FX) as a buying opportunity despite capex pull-forwards weighing on near-term margins. AI infrastructure momentum remains robust across Cisco, Nebius, and optical suppliers, while Tencent's high AI capex ramp pressured its stock and Prosus.

Key Takeaways

• 1.Adyen delivered strong topline Q2 results (+26% TPV, +22% ex-FX net revenue) that de-risk H2 growth, making light EBITDA/FCF driven by pulled-forward compute capex a buying opportunity.
• 2.AI infrastructure demand remains exceptional (Cisco booked $4bn in AI hyperscaler orders, Nebius ARR hit $3bn), though high expectations and gross margin dilution created mixed stock reactions.
• 3.Tencent fell 4% and Prosus fell over 7% as a massive CNY52.8bn AI capex ramp (64% above consensus) overshadowed solid core operational results and gross margin expansion.

Table of Contents

• Market overnight
• Key results and trends
• OTHER
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• DERIVS
• TMT

Report data

Key figures extracted from this report

Reports in this series

GS TMT Spec Sales is shown in chronological order through this edition, published on August 13, 2026.

Part of the GS TMT Spec Sales series — view all 10 editions

1. Jun 6GS TMT SPEC SALES Media the case for the unloved European media and internet sector
2. Jun 8GS TMT SPEC SALES French Consoldiation MOU signed; Tech sell off SOX -10%; ASML Elon at partner conf; Google turns up heat; Adyen questions
3. Jun 9GS TMT SPEC SALES French consoldiation; DHERO more options; Indra & DSY -ve FCAS; OpenAI files; Apple WWDC; Orange Spain
4. Jun 19GS TMT SPEC SALES: ASML Geopolitcis; ACN disappoints; Wolters preview; BESI takeaways; InPost:Allegro deal
5. Jun 22GS TMT SPEC SALES : Cannes Lions; Micron & Qualcomm expectations are high; RMV - UK political risk; Software SAP programmer vs vibe coding
6. Jul 9GS TMT SPEC SALES : Telcos satellite risk debate; GPT-5.6 & Grok 4.5 launch; MSFT preview; Software benchmarking; Vivendi; VOD germany mgt change
7. Jul 15GS TMT SPEC SALES : ASML raises EUV capacity; Elisa light; Stripe looks at PayPal; IBM warns; DHER talks with Uber continue; Anthropic play in K-12

Document Preview

Page 1 of 5

Subscribe for full accessCreate free account