Goldman Sachs
May 14, 2026
TMT Specialist Sales Update
Market ReportEquitiesDerivativesMacro Economic IndicatorsInformation TechnologyCommunication Services
Goldman Sachs TMT sales wrap highlights Cisco's massive AI guidance raise and SAP's AI-focused transformation strategy at its Sapphire event. Quarterly results from TEF, ITV, and Nebius also beat expectations amid rising semiconductor supply concerns.
Key Takeaways
- 1.Cisco reported a significant beat in AI-related orders, raising its FY26 AI order forecast from >$5B to $9B.
- 2.SAP's 'Sapphire' conference highlighted a 'second transformation' focused on AI-led migrations and data differentiation through 'agentic AI'.
- 3.European TMT results showed resilience, with Telefonica (TEF) and ITV both reporting revenue and EBITDA beats.
Table of Contents
- TODAY'S WRAP
- RESULTS
- TECH
- TELCOS
- MEDIA & INTERNET
- MACRO AND TRADING
- 2026 EMEA Conferences
- 2026 Conferences
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Authors
Sean Johnstone
Securities
CSCOSAPTEFNBISBABAITV
Themes
AI Infrastructure and MonetizationSaaS and Agentic AI EvolutionSemiconductor Supply Chain Tightness
Regions
North AmericaEuropeAsia PacificUnited StatesChinaSpain