Americas Technology Semiconductors Communacopia + Technology Conference 2026 Day 1 Takeaways

Equity Research 8 September 2026 | 8:33PM EDT

Americas Technology: Semiconductors: Communacopia + Technology Conference 2026 - Day 1 Takeaways

James Schneider, Ph.D. | Goldman Sachs & Co. LLC

Anmol Makkar | Goldman Sachs & Co. LLC Companies from the US Semiconductor sector presented during Day 1 of the GS Luya You Communacopia + Technology Conference, including Broadcom, Qualcomm, Camtek, | Goldman Sachs & Co. LLC and GlobalFoundries. We highlight key takeaways on the top debates, along with company-specific takeaways for each sector below. Khalil Fenina | Goldman Sachs & Co. LLC

Marshall Wong Takeaways for US Semiconductors | Goldman Sachs & Co. LLC

Key Takeaway #1 - Digital Semis & AI: Companies highlighted a strong AI spending environment with tight supply (more constrained on datacenter land/power/shell than on upstream components) contributing to extended lead times - with customers providing extended visibility over the next two years and beyond. Broadcom reaffirmed its recently-issued AI revenue targets of at least 100% growth in FY27 and FY28. Qualcomm noted high confidence in its FY29 AI datacenter revenue target of $15bn, with Robotics as an incremental opportunity.

n Broadcom: Broadcom reaffirmed its FY27/FY28 AI revenue targets of $115 bn /$230 bn, while emphasizing that supply is constraining this outlook. Broadcom expects the majority of AI economics to accrue to owners of leading frontier models. Its $35 bn XPV partnership is designed to accelerate AI infrastructure buildouts, funding more than 20GW of compute capacity while minimizing balance sheet risk. n Qualcomm: Qualcomm expects its datacenter segment to lead the company’s diversification strategy, and the company reiterated its FY29 datacenter revenue target of $15 bn. Qualcomm expects its automotive hardware stack to provide strong technical leverage for the Robotics and Physical AI market. In its three-year financial model, management expects gross margins to remain stable, with operating margins approaching 30%.

Key Takeaway #2 - Semiconductor Capital Equipment and Foundry: Companies focus on AI infrastructure driving idiosyncratic growth across their businesses as the

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Goldman Sachs Americas Technology: Semiconductors

semiconductor supply chain expands capacity to meet structurally higher levels of demand.

n Camtek: Camtek’s growing order backlog supports demand visibility for the company well into 2027. Management is confident in the company’s ability to grow in line with or better than industry WFE spending given continued strength in advanced packaging. Hawk and Eagle 5 are well on track to represent more than half of revenue in 2026. n GlobalFoundries: Datacenter remains a key idiosyncratic growth driver for the company, led by strength in silicon photonics. In the near term, smartphones will represent a headwind to revenue, although its exposure to the high end of the market may moderate this impact. GlobalFoundries expects to grow its IP business strongly over the coming years as a result of several recent acquisitions.

Key Takeaways from Qualcomm presentation

Presenters: Akash Palkhiwala, EVP, CFO and COO

n Amazon Deal: Qualcomm shared incremental details on its recently announced Amazon deal. The engagement is on custom silicon and connectivity products. In conjunction with the deal, Qualcomm is issuing share warrants to Amazon against purchases of up to $60 bn in Datacenter products over the next 10 years. The deal has an upfront vesting of 15% with upfront commitments from Amazon in conjunction with this vesting of warrants. This deal is a core component of its FY29 Datacenter target of $15 bn. n AI revenue targets: Qualcomm…