TMT Specialist Sales Rotation To Start The Quarter

The report highlights a market rotation away from over-crowded AI and semiconductor momentum stocks toward software and cyclicals. It also provides specific updates on TMT companies including ASML, Meta, Infineon, and Pearson.

Key Takeaways

• 1.Profit-taking in semiconductors and AI-related momentum stocks as investors rotate toward lagging cyclicals and software.
• 2.Infineon Technologies shows positive manufacturing momentum after site visit, while software/IT service providers face headwinds from automaker spending cuts.
• 3.Meta's potential move to sell AI compute is viewed as a long-term monetization strategy rather than a sign of near-term excess capacity.

Table of Contents

• GS TMT SPEC SALES – Thursday 2nd July
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• TMT
• TMT RESEARCH TEAMS

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