Goldman Sachs
May 12, 2026
TMT Specialist Sales Update
Market ReportEquitiesMacro Economic IndicatorsInformation TechnologyCommunication Services
The report highlights a continued market rotation from software into semiconductors, alongside mixed earnings results from European telcos like Vodafone and a cautious outlook from Prosus.
Key Takeaways
- 1.Rotation from software and internet into semiconductors continues, with the software vs. semis pair down over 4% recently.
- 2.Prosus issued a warning regarding increased competition and lower FY27 EBITDA guidance due to accelerated investments in iFood.
- 3.Semiconductor equipment manufacturers show high dispersion; ASML is being used as a funding short while AMAT and LRCX outperform.
Table of Contents
- TODAY'S WRAP
- TECH
- TELCOS
- MEDIA & INTERNET
- GAMBLING
- MACRO AND TRADING
- 2026 EMEA Conferences
- 2026 Conferences
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Authors
Sean Johnstone
Securities
VODPRX NAASMLTXN2330
Themes
AI-Driven Hardware DemandFactor Rotation into Momentum/Semis
Regions
EuropeNorth AmericaAsia PacificGermanyUnited KingdomSouth Korea