GS Bartlett GS TMT TODAY 10.14.26

GS Bartlett - GS TMT TODAY 10.14.26 Peter Bartlett · Goldman Sachs · FICC & Equities 14 Oct 2026

Good Morning. Futures mixed early (Nasd -15bps vs. SPX +20bps, Russell +25bps), with Semis / AI complex lagging broader market again to start (Semis on a 5 day losing streak, worst since July). Crude bid (WTI +1.25% @ $95.30) on continued Middle East tensions (reports Houthi’s struck Saudi Aramco HQ & Iran’s continuing to strike tankers in SoH). China econ data showed strong trade numbers vs hot PPI and cooler CPI. In Semis/AI, focus is on ASML, which is trading -60bps in the US pre despite reporting a beat & raise overnight (can add ASML to the list of sell-the-news reactions on better earnings print). CRWV -4% on social media focus on bond yields spiking (Chamath warned of a “private credit bubble,” Elon retweeted “Yikes”); HPE/NTAP/DELL all lower on downgrades (Barclays); MU/SNDK lower on ongoing move lower (MU/SNDK lower in 8 of 9 sessions coming into today); while GOOGL +1% on Gemini 4 Argon release. Elsewhere, ACN +4% on better long term targets given in slides ahead of todays Investor Day (INFY +2% in sympathy).

ASML: 4Q26 guidance above cons, with strong visibility and orders underpinning capacity expansion. ADR -50bps in pre.

ASML's 3Q26 revenue came in line with Visible Alpha Consensus Data and EBIT came in 5% above consensus driven by gross margins of c.57% (vs VA cons at 56%) due to stronger contributions from installed base revenues and upgrade business reflecting customers' willingness to be more productive. The company again upgraded its guidance for 2026 and now expects revenue of between €44bn and €45bn (vs. €43bn to €45bn prior) with gross margin of around 56% (vs. 54%-56% prior). As such, we note that the guide for 2026 implies revenue 1% ahead of consensus at the mid-point. Furthermore, ASML reiterated its positive view on the growth opportunities in the EUV business this year and expects it to grow 45% yoy, with its non-EUV business growth to be around 20% yoy and installed base management business expected to grow 50% yoy. Additionally, management reiterated that it expects to ship 65 units in 2026. As

such, the company stated that its targeted planned EUV capacity increase of 30% in both 2027/28 is not enough to fulfill the customer demand, and we note that ASML is exploring ways to increase capacity by >30% 2028 and even beyond 2028. GIR first take.

ACN: Accenture releases slides ahead of Investor Day (8:30am ET), targets mid-single digit Revenue growth for FY27, FY28.

Accenture targets mid-single digit revenue growth in local currency for FY27 and FY28 in slides ahead of its investor day. The company previously reported 3% to 6% revenue growth for fiscal 2027 in its October earnings release. Sees FY29 revenue growth in local currency up mid to high-single digits. Sees operating margin expanding 10bps to 30bps in FY27, FY28 and FY29. Sees FY28 dividend at high 40s payout ratio of prior year net income. Repurchases to be greater than issuances in FY28 and FY29. Expects organic growth to be fueled by acquisitions.

OpenAI Eyes Acquisition That Could Boost Cybersecurity Business – The Information

OpenAI, which is trying to develop a substantial cybersecurity business, is in early talks to buy Trail of Bits, a firm that finds and fixes vulnerabilities in open-source software, according to people familiar with the matter. The size of the potential deal couldn’t be learned.Discussions are ongoing and the deal could fall apart, said the people.

CoreWeave targets ‘unlimited’ insurance money to fund AI build-out – FT

CoreWeave is chasing insurers’ “unlimited” pools of capital as the Nvidia-backed AI cloud provider seeks cheaper ways to fund the tens of billions of dollars it is spending on chips and other AI infrastructure. The push comes as the AI boom increasingly leans on debt deals to build data centres and buy the Nvidia chips needed to power AI models. That has made life insurers — and the trillions of dollars they manage — the biggest prize for borrowers seeking cheaper funding. Brannin McBee, a co-founder who leads CoreWeave’s financing efforts, said winning investment-grade ratings for more of its chip-backed…