GS Blekos Marketcolour + Communacopia Medtech Nestle RHM Cross Asset 8 Sep 2026

GS Blekos - Marketcolour + Communacopia Medtech Nestle RHM Cross Asset 8 Sep 2026 Ioannis Blekos · Goldman Sachs · Equity Sales / Europe Tue 8 Sep 2026, 2:18am ET

*Europe closed flat-to-soft {SXXP unch, SX5E +20bps} in a session defined by a semis rallying on one side and a wall of macro headwinds keeping the broader tape pinned on the other*. Semis {GSSBSEMI +4.7%} ending the day top of the board as OpenAI's GPT-6 Astra launch over the weekend lit the AI supply chain on fire overnight in Asia, with the Kospi +4.6%, Samsung +6% and SK Hynix up 8%+, and the momentum carrying cleanly into Europe. *High Momentum {GSXEHMOM +1.4%} followed*.

*Communacopia + Technology Conference - agenda* + *webcasts* + *GIR previews*.

*Sector Colour into Communacopia:* 1. *Semis* – remains the most ‘loved’ group in TMT with most investor convos (*still*) focused on what AI infra / semi names to add to on pullbacks (.. albeit with some triangulation around the implication of NVDA’s >70% revs guide in ’27 vs more measured valuation ..). most topical / debated areas right now: *Semicap* + *Memory*. 2. *Hardware / Networking* – better liked, albeit, controversial with investors debating if much of the space (think: EMS or Optical) is stuck in “*grow into its multiple” territory for the time being* . .whereas .. hard to ignore the power moves higher in the HPQ or AAPL’s of the world (‘edge’ or technicals). 3. *Software* – despite an “everything up” tape in recent months in Software, *sentiment remains very bifurcated *with a clear investor preference for perceived “*inference economy” names* (security + data infra) vs *lingering apathy around many SaaS/Apps* names (with bears quick to point out the lack of broader revenue revisions vs. more mixed results from HUBS or INTU types). 4.*Internet* – choppy, at best .. albeit .. *more convos as of late around possible “turn-around” candidates*, with bulls looking at Software/SaaS as potential leading indicators for a move higher in the group.

*Oil:* We raise our Brent/WTI price forecasts by $5 to $85/80 for Dec2026 and to $80/75 for 2027, reflecting our new assumption that Mideast shipping disruptions continue into 2027.

*Cross-Asset:* We remain tactically Neutral for 3 months, while modestly pro-risk over 12 months (OW Equities, N Bonds, N Commodities, N Cash, UW Credit). Healthy earnings growth should continue to support equities, although returns are likely to slow as growth and revisions peak. We recommend combining global AI exposure with high-dividend and low-volatility styles.