GS TMT Spec Sales: Adyen Topline Results and AI Infrastructure Market Analysis

This report covers overnight market reactions to Q2 earnings, highlighting strong AI infrastructure demand, mixed results for Adyen, and ongoing investor scrutiny regarding AI-related capital expenditure and margin pressure.

Key Takeaways

• 1.Adyen delivered topline growth exceeding expectations, alleviating some concerns, despite market focus on margin and FCF impact due to capex.
• 2.AI infrastructure demand remains robust as evidenced by strong results from CoreWeave, Cisco, and Nebius, though high expectations are leading to mixed stock reactions.
• 3.Tencent's aggressive AI investment ramp and higher capex are pressuring near-term EPS, despite resilient core operations.

Table of Contents

• Market overnight
• Key results and trends
• ADYEN: MIXED but I think good enough (I would be adding)
• Prosus / Tencent
• OTHER
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• TMT

Report data

TMT Research Teams Contact Information

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

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