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Goldman Sachs

May 26, 2026

TMT Special Sales: Delivery Hero, ASML, and Hedge Fund Monitor

Market ReportEquitiesMacro Economic IndicatorsRates CreditInformation TechnologyCommunication Services

The report highlights active M&A in the delivery sector involving Uber and Delivery Hero, alongside a historic hedge fund rotation from Software into Semiconductors.

Key Takeaways

  • 1.Uber has approached Delivery Hero's largest shareholders with a €38/share proposal, up from a prior €33/share bid.
  • 2.Hedge fund positioning in Semiconductors has reached an all-time high, while Software positioning is at its lowest level since 2019.
  • 3.ASML is increasing its hiring targets in Taiwan by 66% compared to previous expectations, signaling strong local demand/infrastructure needs.

Table of Contents

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

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Authors

Sean Johnstone

Securities

Delivery HeroASMLBT/ASamsung Electronics

Themes

AI Infrastructure BoomSector Rotation (Software to Hardware)

Regions

EuropeAsia PacificUnited KingdomTaiwanChina

Browse More

Goldman SachsMarket ReportASMLBT/AEquitiesMacro Economic Indicators

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