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Goldman Sachs

May 29, 2026

TMT Specialist Sales Update: Dell and AI Competition

Daily UpdateEquitiesMacro Economic IndicatorsInformation TechnologyCommunication Services

Dell's massive AI server-driven earnings beat headlines a TMT update covering software sector volatility and emerging AI competitive threats for design platforms.

Key Takeaways

  • 1.Dell reported an exceptional quarterly beat and raised its FY2027 outlook by $27bn due to massive AI server demand.
  • 2.Incumbent design software firms like Dassault Systèmes (DSY) face increasing long-term competition from AI startups like Mistral.
  • 3.Spanish Telcos (Telefonica, Orange) show improving structural quality with positive growth outlooks following a GS field trip.

Table of Contents

  • TODAY'S WRAP
  • TECH
  • TELCOS
  • MEDIA & INTERNET
  • MACRO AND TRADING
  • 2026 EMEA Conferences
  • 2026 Conferences
  • TMT RESEARCH TEAMS
  • Additional Disclaimers

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Authors

Sean Johnstone

Securities

DELLDSYADYEN NATEFAnthropic

Themes

AI Infrastructure MonetizationPhysical AI and Design Software DisruptionB2B Agentic AI Adoption

Regions

North AmericaEuropeUnited StatesSpainFrance

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Goldman SachsDaily UpdateDELLDSYADYEN NAEquitiesMacro Economic Indicators

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