TMT Specialist Sales Update

Latest edition · June 11, 2026

GS TMT SPEC SALES - sean johnstone

This report provides a TMT market update covering AI spending trends, hyperscaler capex, and telecommunications M&A speculation. It highlights high cross-strategy correlations and elevated risk appetite as key macro concerns.

The report highlights intensifying competition in the AI sector, with OpenAI considering price cuts amidst rising customer scrutiny on token costs. Conversely, major hyperscaler capex remains robust, exceeding consensus expectations. The telecom sector is dominated by merger speculation between Deutsche Telekom and T-Mobile US, alongside regulatory developments in France and Italy. Macro-level indicators show the GS Risk Appetite Indicator at a multi-year high, suggesting increased vulnerability to synchronized market drawdowns.

Key takeaways from the latest edition

• 1.OpenAI is considering price cuts to win enterprise market share, signaling increased scrutiny on AI usage costs.
• 2.The GS Risk Appetite Indicator (RAI) has risen above 1.2, signaling high market crowding and potential for synchronized corrections.

What this series covers

• TODAY'S WRAP
• TELCOS
• TECH
• MEDIA & INTERNET
• GAMBLING
• MACRO AND TRADING
• 2026 EMEA Conferences
• 2026 Conferences

Edition archive

• GS TMT SPEC SALES - sean johnstone

  June 11, 2026

• GS TMT SPEC SALES Broadcom guide disappoints; Classifieds & Prosus initiation; ASML from the road; Accenture IT services geopolitics bites; US Telcos;

  June 4, 2026

• GS TMT SPEC SALES Memory GIR hikes PT

  June 1, 2026

• GS TMT SPEC SALES Dell +40

  May 29, 2026

• GS TMT SPEC SALES PUB acquires LiveRamp; ASML changing flow; Prosus -ve Brazil reg; Nvidia in focus; BT marmite views; Teleperformance move

  May 18, 2026

• GS TMT SPEC SALES TEF beats; ITV solid; SAP Sapphire wrap; Cisco AI beat; IFX feedback from road

  May 14, 2026