GS TMT Spec Sales Media Update

This report highlights a bullish case for the European media and internet sector while detailing significant regulatory developments in AI and shifting trends in semiconductor demand toward agentic AI architectures.

Key Takeaways

• 1.The European media and internet sector, down 20% YTD, is identified as 'unloved' but attractive due to double-digit EPS growth, low leverage, and significant capital returns.
• 2.Regulation regarding AI is accelerating, with the EU focusing on 'tech sovereignty' and the US considering federal AI safety rules and potential government equity stakes in AI firms.
• 3.Agentic AI trends are shifting investment from training-phase GPU dominance toward autonomous task execution, driving increased demand for advanced node DRAM and high-bandwidth memory (HBM).

Table of Contents

• TODAY'S WRAP
• REGULATION
• OTHER
• AWAY FROM GS
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• 2026 EMEA Conferences
• 2026 Conferences