Goldman Sachs
June 1, 2026
US TMT Quick Hits
Daily UpdateEquitiesMacro Economic IndicatorsCommoditiesInformation TechnologyCommunication Services
The US TMT desk highlights a historic two-day outperformance in Software and extreme dispersion within the Mag7 names. Despite macro cross-currents, cyclicals are reaching all-time highs against defensives following a strong ISM reading.
Key Takeaways
- 1.Software has experienced its largest two-day outperformance relative to the S&P 500 in over 25 years.
- 2.Mega-cap dispersion is notable, with significant gains in NVDA and MSFT contrasted by sharp sell-offs in META and AMZN.
- 3.The GS Cyclicals vs. Defensives pair has broken out to all-time highs following a strong ISM print of 54.0.
Table of Contents
- GS US TMT: .. quick hits ..
- Top inbounds today
- Small > Big
- Software
- Taiwan Tech
- Events tomorrow
- A word on Mo'
- Cys > Defs
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Authors
Peter Callahan
Securities
NVDAMETAHPEIGV
Themes
Factor Volatility vs Index VolatilitySoftware vs Semiconductor RotationCyclicals Outperformance
Regions
North AmericaAsia PacificUnited StatesTaiwan