Goldman Sachs
June 30, 2026
TMT Specialist Sales Report
Daily UpdateEquitiesDerivativesCommunication ServicesConsumer Discretionary
The report highlights market pressure on US Telcos due to satellite competition and continued volatility in the AI-chip trade. It also details growth opportunities in European media and infrastructure plays like Bouygues and SES.
Key Takeaways
- 1.US Telco stocks (TMUS, VZ, AT&T) faced pressure following reports of potential satellite-mobile partnerships between Starlink and Charter.
- 2.The AI-led chip rally persists despite concerns over hyperscaler capex fatigue, with strong demand noted for hardware and advanced packaging (BESI, Samsung).
- 3.European media and events companies (Informa, RELX) show positive outlooks with structural growth in B2B events and AI-integrated legal services.
Table of Contents
- TODAY'S WRAP
- TECH
- TELCOS
- MEDIA & INTERNET
- GAMBLING
- TMT
- TMT RESEARCH TEAMS
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Authors
Sean Johnstone
Securities
TMUSBouyguesSES SA
Themes
AI Capex FatigueCorporate ConsolidationSatellite Market Disruption
Regions
Asia PacificEuropeUnited StatesGermanyChina