GS Callahan US TMT weekly + charts 21Sep2026

GS Callahan - US TMT weekly + charts 21 Sep 2026 Peter Callahan · Goldman Sachs · TMT Sector Specialist Mon 21 Sep 2026, 8:39am ET

All references to “we/us/our” refer to the views and observations of the desk unless otherwise noted.

Tech outperformed last week, recapturing its 50/100-dma to the upside; that said, it was another action packed week as Tech investors wrestled with a number of moving parts on both the AI thematic front (regulation / safety + agentic commerce) and on the macro front (rate hike + Oil vol).

Amidst more measured investor sentiment (narrow market breadth + cautious sentiment indicators), much of the dialogue on the desk has been focused on feedback and takeaways from the recent GS Communacopia + Technology conference (.. a decidedly bullish set of datapoints for Tech / AI – listen to my take on Tony P’s breaks of the game pod), and, more pointedly, what it will take for the AI infrastructure trade to get its momentum back after several positive catalysts seemingly failed to do so (e.g. ROIC commentary, model updates, product momentum, conference appearances, easing technicals) …. of course, don’t look now, but Semis (SOX) are quietly up 10 of 12 sessions, and, are again bid up early today (.. alongside recent Info Tech buying, per latest GS PB data..).

A busy week of catalysts: Xi/Trump … PAYX & SNX #s .. META Connect .. OKTA / FSLY / PATH / P a- days .. Optical: ECOC .. BABA Apsara .. QCOM Snapdragon – see full rundown at bottom of email.

NDX … despite only ~30% of NDX members sitting about their 50-dma (yes, this is a low number relative to history .. let alone, an index ~3% from ATHs), the NDX is trying to break above its recent trend line ..

Semis / AI .. is the ‘problem’ a macro one or an AI one..? … chart below = Semis (SOX) P/E multiple (white), nearing multi-year lows, charted against Oil Prices (inverted, blue) ..