GS Callahan TMT quick hits

GS US TMT .. quick hits .. Peter Callahan · Goldman Sachs · TMT Sector Specialist Thu 13 Aug 2026, 4:47pm ET

NDX +115 bps on the day as Tech continues to grind higher (NDX now 11% off the July lows, firmly above its 50-dma & just 2% away from new ATHs) .. that said, we are still getting somewhat ‘jumpy’ action under the hood (.. 1/4 of the NDX’s gains today came from MU + SNDK, accompanied by a late day squeeze in Software ) .. Vol / Rates / Oil all on the back-burner today .. Volumes finished down ~15% today ahead of tomorrow’s Summer Friday session (we will get Retail Sales + UoM Sentiment) before focus shifts to a few earnings next week [Walmart, BABA, BILL, ADI, KEYS, FN].

What’s topical today .. Memory move (SNDK) = sustainable? .. fade in Optical today (LITE, COHR) .. Software feedback / flows post WDAY headlines? …. NFLX up 5% (best day since March) - feedback? .. data infra on the move again (RBRK, FROG, ESTC, MDB up ~10%) .. moves in HW (DELL, HPE, HPQ)?.. feedback on CSCO? Bounce or laggard form here?.. next wave of earnings (ADI, MRVL, NVDA, AVGO)? ..

Software .. the Software sector just got back to FLAT on the year … while there is plenty of investor interest in parts of the sector (data infra / tools + security) – accompanied by some “fresh-ness” to idea generation in these areas (e.g. different than the 3 years of AI / Semis investors focused on) -- investor sentiment in SaaS had yet to inflect (despite the recent moves & headlines) ... for a check-down on YTD action: Security up ~80-100% YTD (PANW, FTNT, OKTA, CRWD) .. Consumption up ~50-80% (DDOG, SNOW) .. names that are (surprisingly.. ?) unchanged on the year / up small (CDNS, Unity, MSFT, TEAM, PATH, WDAY, MDB) .. the names that are still big YTD laggards (INTU -45% YTD, HUBS -40%, CRM -24%, ADBE -22%, NOW -17%, ADSK -13%)… yes, a big focus on upcoming off quarter earnings.

AMAT -4% AHs .. slight beat on quarter, but, guides Oct revenues well above the street and up +12.5% q/q … F3Q Revs $9.12bn (+25% y/y) vs cons ~$9.02bn (+23.5%) vs guide $8.95bn .. GMs 50.4% vs cons ~50% (vs 50% last qtr) .. EPS $3.50 vs cons $3.42 … Share repurchase of $440mn (vs ~$400mn last qtr) … China was 28% of revs in qtr (vs ~27% last qtr) … F4Q Revs guide $10.25bn (+12.5% q/q) vs cons ~$9.6bn (+41% y/y) . ... EPS $4.02vs cons $3.72 … “Based on the increased demand visibility we are receiving from our customers, we expect another strong growth year for Applied Materials in 2027.” .. conf call @ 430pm ET. from GIR first take: "We expect investors to focus on critical elements of management's commentary on today's conference call, including (1) the drivers of the company's WFE ramp in 2H26; (2) initial CY27 WFE growth expectations; (3) potential pricing actions and margin impact"

AMZN .. Amazon now lower on 6 of 8 days with stock re-tracing at least ~1/2 of its post earnings outperformance (.. despite no real bear case that we hear..) … chart below is AMZN v S&P500 over the

last 3- years – as investors feel, the stock has struggled to sustain ‘break-outs’ (… at least on a relative basis .. )

DELL … breaking out of a multi-month trading range after the stock took some time digesting the ~40%, T+1 earnings move back in May ..