Report published September 1, 2026
Goldman Sachs: What to Expect at the Communacopia + Technology Conference 2026
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: James Schneider, Anmol Makkar, Luya You, Khalil Fenina
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs previews the 2026 Communacopia & Technology Conference, outlining five core debates across the semiconductor landscape: Digital AI compute drivers/constraints, WFE upturn duration, memory supply/demand tightness, analog cyclical recovery, and EDA software monetization of custom silicon.
Key Takeaways
- 1.AI infrastructure demand remains robust driven by inference and agentic AI, with hyperscaler CapEx strong, though debates persist over financing, datacenter power/shell constraints, and merchant vs. custom silicon competition.
- 2.Wafer Fab Equipment (WFE) is set for a multi-year upturn through at least 2028, accelerating in 2027 beyond expected ~35% growth in 2026, benefiting deposition, etch, and advanced packaging leaders like AMAT, LRCX, ONTO, and QNTY.
- 3.Memory and storage markets face tight supply/demand through 2028, with DRAM undersupply projected at 5.0%/5.9%/3.9% and NAND undersupply at 4.4%/4.6%/3.0% across 2026E-2028E.
Table of Contents
- Key Debate #1 – Digital Compute: What are the drivers of and constraints on AI infrastructure spending, and how is competition shifting?
- Key Debate #2 – Semi Cap Equipment: What's the duration of the WFE upturn, and how big could 2027 be?
- Key Debate #3 - Memory & Storage: What emerging factors are impacting industry supply/demand, and what other items are impacting valuations?
- Key Debate #4 - Analog: Can end market trends sustain a broad cyclical recovery that lasts longer than expected, and what role will pricing play?
- Key Debate #5 - Can EDA Software Accelerate Its Growth Trajectory?
- Disclosure Appendix
Report data
Exhibit 1: We expect WFE momentum to continue into 2028, with growth rates accelerating in 2027
| Metric | Estimate | Context |
|---|---|---|
| WFE Growth Expectation | ~35%% | Baseline industry WFE growth expected in 2026 prior to potential acceleration in 2027. |
| Nvidia CY27 Revenue Growth Guidance | 70%% | Recent revenue growth guidance provided by Nvidia. |
| DRAM Industry Undersupply | 5.0% / 5.9% / 3.9% % undersupply | Projected DRAM market supply/demand deficit. |
| NAND Industry Undersupply | 4.4% / 4.6% / 3.0% % undersupply | Projected NAND market supply/demand deficit. |
| Analog Unit Shipments vs. Trend | 5% % above trend | Analog unit shipments 3-month average relative to long-term trendline. |
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Authors / Editors
Reported Data Context
- WFE Growth Expectation: ~35% % (2026) · Source: Goldman Sachs Global Investment Research
- Nvidia CY27 Revenue Growth Guidance: 70% % (CY27) · Source: Nvidia
- DRAM Industry Undersupply: 5.0% / 5.9% / 3.9% % undersupply (2026E / 2027E / 2028E) · Source: Goldman Sachs Global Investment Research
- NAND Industry Undersupply: 4.4% / 4.6% / 3.0% % undersupply (2026E / 2027E / 2028E) · Source: Goldman Sachs Global Investment Research
- Analog Unit Shipments vs. Trend: 5% % above trend (June 2026) · Source: SIA, Goldman Sachs Global Investment Research
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