GS Blekos Marketcolour Semicap Equipment Nvidia Preview Vonovia Unibail SIG 24 Aug 2026

GS Blekos - Marketcolour Semicap Equipment Nvidia Preview Vonovia Unibail SIG 24 Aug 2026 Ioannis Blekos · Goldman Sachs · FICC & Equities Mon 24 Aug 2026

US Equities finished the week on a positive note amid light volumes – SPX +43bps to 7674 (8/11 sectors +ve, Materials +181bps, HC +135bps, Utils -236bps), DJIA +98bps to 53277, NDQ +43bps to 26180. While the NDX broke a 5 day losing streak on Friday – the lasting takeaway from the week was once again the under-the-hood volatility as the GS TMT Momentum Pair (GSTMTMOM) closed down ~18% across Tues-Fri of the week, creating some tension in investor convos about just how 'clean' positioning really is coming out of the July de-grossing episode. In Europe, Momentum (GSPEMOMO -10bps) underperformed alongside Growth (GSPEGROW -10bps), while Quality (GSPEQUAL +60bps) and Size (GSP3SIZE +30bps) climbed.

Interesting: Momentum has seen more >5% sell-off days in 2026 than in the last 5y combined.

Jackson Hole Roadmap: Chairman Warsh will deliver the keynote address at 10:00am EDT on Friday (August 28). The text of his speech will be released at that time. ECB Governing Council member Schnabel will be participating in a panel discussion at 11:55am EDT on Friday. Full text of the papers and speeches is typically posted to the website at the time each event is scheduled to begin.

HF Colour: Fundamental LS managers down 0.8% driven by broad market sell-off, still up 1.3% MTD and up 14.4% YTD. Systematic LS managers flat, up 1.8 MTD and up 15.1% YTD. The global book saw third-largest weekly net selling of the year, with net selling across all regions, led by North America. North America alone saw its largest weekly net selling since Liberation Day week. Amid the AI-led sell-off, Info Tech was the most net sold sector and saw largest de-grossing in over two years. On the other side, Energy was the most net bought sector, supported by rising crude prices.

Semicap equipment: We are raising our 2026-28 estimates to $150/$218/$281 bn (+36%/+45%/+29%) reflecting significant CapEx revisions and more constructive outlooks from SPE suppliers; remain bullish on semi cap equipment stocks, and on a global basis we continue to prefer Buy-rated Applied Materials, Lam Research, ASML, Tokyo Electron, ASMI, BESI, Lasertec, and Ebara.

Nvidia preview: reports 2Q earnings on 26th Aug; we expect a solid quarter with meaningful upside to guidance supported by tight GPU supply/demand trends, but think the bar for the stock is elevated given its +12% move in two weeks.

Vonovia (CL Buy / PT EUR29.50 / 48% Upside / 9.5% Earnings Yield): Strong mid-term organic rental guidance re-iterated (confirmed its 2028 organic growth guidance of c.5% driven by irrevocable rent increases and its investment program) / Growth through non-rental (our 2027/28 forecasts for non-rental

EBITDA are 12%/14% above Visible Alpha Consensus Data) / Balance sheet deleverage in progress (we forecast LTV to reduce to c.41.9% by FY28).

Unibail (BUY / PT EUR138 / 35% Upside): Strong operating performance + Increasing balance sheet flexibility + Platform effects to drive growth.

SIG Group (BUY / PT CHF18 / 35% Upside): We see the 3Q26 results and the company CMD (both on October 27) as the main potential catalysts for the stock. We believe that delivering solid numbers and reinforcing trust in the guidance and medium-term plan will be key for a re-rating, with the shares now trading at 8.3x 2027E EV/EBITDA.

Banca Monte dei Paschi di Siena (BMPS.MI): Announces two simultaneous offers for Banco BPM and Banca Generali.

Source: Goldman Sachs FICC & Equities.