Goldman Sachs TMT Spec Sales: Daily Market Update (August 13, 2026)

This daily note summarizes TMT sector market movements and earnings, highlighting mixed reactions to AI infrastructure demand and rising capex across cloud and hardware providers.

Key Takeaways

• 1.Adyen delivered Q2 results with topline growth that met high-end expectations, helping to de-risk the H2 outlook despite lighter margins.
• 2.Cisco reported strong AI-related demand with $4bn in new hyperscaler orders, though concerns persist regarding lower gross margins.
• 3.Tencent's results showed resilient core operations but were overshadowed by significantly higher-than-expected AI-focused capital expenditure.

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

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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