GS Armbrust What Matters Today Communacopia Day 1 Recap and Agenda Today Bessent on the Yen The next phase of capital markets growth the AI infra impact CPI Preview 9 Sep 2026

GS Armbrust - What Matters Today Communacopia Day 1 Recap and Agenda Today Bessent on the Yen The next phase of capital markets growth the AI infra impact CPI Preview 9 Sep 2026 Nelson Armbrust · Goldman Sachs · Managing Director, FICC & Equities Wed 9 Sep 2026, 6:54am ET

1) Communacopia Day 1 Recap and Agenda Today

The overall message from the conference presentations was decidedly bullish.

The presenting companies delivered a highly resilient and growth-oriented outlook, driven by robust consumer demand and massive structural tailwinds from AI infrastructure, custom silicon, and agentic AI networking. Across the board, management teams reiterated or raised guidance, highlighted strong customer engagement, and pointed to multi-year growth runways (e.g., Broadcom's $230 billion FY28 AI target and Cisco's 5x bandwidth multiplier from Agentic AI).

• Massive AI Infrastructure & Networking Demand:

• Broadcom (AVGO): Reaffirmed its massive FY27/FY28 AI revenue targets of $115 billion and $230 billion, respectively, while noting that supply remains constrained (indicating demand exceeds supply).

• Alphabet (GOOGL): $100m+ deals are growing more than 2x both QoQ and YoY, while AI-server payback is less than two years, and roughly half that on proprietary silicon

• Cisco (CSCO): Highlighted that Agentic AI is driving a 5x increase in network bandwidth consumption, catalyzing a durable, multi-year networking supercycle across all customer segments.

• Arista Networks (ANET): Reaffirmed its 2026 guidance, seeing strong demand for back-end networks connecting GPU accelerators, with pricing power and efficiencies supporting 2027E margins.

• Guidance Reaffirmations and Upward Revisions:

• TKO: Raised its 2026 WWE partnerships growth expectations to "in excess of 20%" (up from mid- single-digit growth in 1H26) and indicated a potential upward revision to its $1.2 billion global partnerships target by 2030.

• Axon (AXON): Reiterated its strong full-year 2026 revenue growth guidance of 32% to 34%, emphasizing a massive, underpenetrated $160 billion total addressable market (TAM).

• Resilient Consumer and Enterprise Engagement:

• eBay (EBAY): Reported that US consumer demand remains resilient, with value-conscious and enthusiast buyers driving engagement.

• Reddit (RDDT): Highlighted strong user and engagement growth driven by product-led improvements, supporting its high >60% growth rate.

• Clear Pipelines for Future Monetization:

• Qualcomm (QCOM): Expressed high confidence in its $5 billion FY27 datacenter revenue target and highlighted its custom silicon partnership with Amazon, paving a clear path to its $15 billion FY29 target.

• Samsara (IOT) & Klaviyo (KVYO): Both reported rapid adoption of new AI features (with Samsara seeing a 4x increase in AI feature usage over the past two months), demonstrating clear pathways to future monetization.

Day 2 Schedule – Wednesday, September 9th (all times in PT):

11:10 AM: Opening Remarks & Global Macroeconomics Outlook (Jan Hatzius)

11:50 AM: Adyen NV, CMCSA, PINS, AMKR, ROP, CHKP, DT

1:10 PM: XYZ, BKNG, NET, COIN, LYV, 100.HK, FFIV

1:50 PM: NOW, HOOD, CDNS, ETSY, CHYM, CCI, CDR.PW

2:30 PM: DIS, SNDK, WMT, NU, OKTA, LIME, IMAX

4:05 PM: T, IBM, JKHY, ST, BCO, STUB, VERX

4:45 PM: FOXA, HUBS, CART, TER, TNE.AU, RELY

5:25 PM: AMAT, PYPL, AMT, EXPE, FLEX, AKAM, G24.GR

6:05 PM: CRM, IREN, KLAR, UPWK, IHRT, YELP

6:45 PM: SPOT, ADSK, CHTR, SITM, CSGP, MQ, LIFE

7:25 PM: TSMC, Applied Intuition, ZM, SIRI, SBAC, PPLI, WK

Bessent was unusually explicit overnight: “I am the house now … and you can bet against me if you want.” He argued that Treasury has an informational advantage because of its visibility into Japanese policymakers and the BOJ. (The Japan Times) Whatever you think of the rhetoric...the yen objectively continues to appreciate as the market leans into BOJ tightening/repatriation.

The secondary implication matters more for equities… what happens as yen funded carry trades unwind back into Japanese bonds/equities? The S&P and mega cap complex have felt strangely heavy without a great fundamental reason. Worth keeping in the back of the mind that some leverage/carry may simply be diffusing out of the system. (TY Rich Privo)