GS Johnstone GS TMT SPEC SALES EU Communacopia day 1 wrap Salesforce ramps on Nvidias open weight Nemotron AI trade stabilises

GS Johnstone - GS TMT SPEC SALES EU Communacopia day 1 wrap Salesforce ramps on Nvidias open weight Nemotron AI trade stabilises 16 Sep 2026 Sean Johnstone · Goldman Sachs · FICC & Equities 16 Sep 2026

GS TMT SPEC SALES – Wednesday 16th September Overnight US trading: US equities finished modestly lower as oil and rates dominated ahead of today’s FOM

GS TMT SPEC SALES – Wednesday 16th September

Overnight US trading: US equities finished modestly lower as oil and rates dominated ahead of today’s FOMC decision. WTI rose c.4.4% above $105/bbl on tighter Middle East supply headlines, while 10-year yields moved back above 5% and the market continued to price >90% odds of a hike, plus two 25bp increases by year-end. QQQs fell 65bps, breadth remained weak, energy outperformed with oil, and the desk was quiet at 3/10 activity with net selling from asset managers and broadly flat hedge-fund flows.

Tech and AI news: The AI trade stabilised after pushback against concerns around slowing frontier-model development, with Nvidia CEO Jensen Huang arguing AI can advance quickly and safely, while Broadcom also downplayed any semi demand impact. Semis recovered c.50bps versus software down c.1.3%, though this looked more like a pause after the prior day’s sharp divergence; megacap tech was still mostly lower, with Amazon the standout underperformer. Separately, Google launched Gemini 3.8 Live and Gemini 3.8 Live Extended Thinking for real-time voice and live-dialogue use cases, while early iPhone 18 Pro pre-orders appeared soft in the US and China.

While on safety Mark Zuckerberg: “Meta delayed shipping Muse for several months to focus on safety and security. We didn't call for everyone else to do this before we would. We just did it as part of our day-to-day work because it was clearly the right thing for people and for us.”

Dreamforce: The debate at Dreamforce highlighted two camps: Anthropic’s Dario Amodei and OpenAI’s Sam Altman argued that safety, monitoring and responsible pacing must come before further capability gains, while Nvidia’s Jensen Huang and Meta’s Mark Zuckerberg pushed back against broad industry slowdowns, saying companies should move fast but pause when a product is not ready or safe.

Plus interesting that Salesforce’s new Koa reasoning model, built on Nvidia’s open-weight Nemotron, showing how enterprise AI is moving away from generic frontier models toward cheaper, task-specific systems for sales, marketing and customer support. Koa was post-trained on synthetic rather than customer data, aims to reduce token spend, follows Salesforce’s embedded data/security requirements and can be routed through Agentforce’s AI gateway when appropriate — offering enterprises an open-weight alternative to uploading sensitive files and prompts into closed models or spending millions on frontier AI, while Salesforce still keeps options open through partnerships such as Claudeforce.

OpenRouter data: If accurate, last week’s print is a useful high-frequency signal that developer spend temporarily shifted back toward OpenAI, with GPT-6 Astra pulling more dollars up the stack while Luna/Sol kept cheaper usage on-platform. The key point is that this shows OpenAI still has a frontier model developers will pay for, but it

should not be read as a full revenue or share signal: OpenRouter is only a small, price-sensitive slice of inference and excludes ChatGPT, Claude.ai, Azure, Bedrock and committed enterprise seats. The real question is whether Astra’s lead persists over a quarter and converts into net-new seats rather than simply cannibalising cheaper OpenAI models.

More on AI - OpenAI per Reuters mulls funding round at $1.2 trillion valuation ahead of IPO. While according to research published by Deloitte One is six workers in Britain is paying for an AI tool to help them do their job, at a total cost of nearly £1 billion ($1.4 billion) a year of their own money,

Plus see GIR’s Global Physical AI:v Framing the Forward Progress of Humanoids

Today in London Day 2 of the EU Communacopia - Agenda

Below the companies I saw yesterday (pls see the link for the full coverage)

Day 1 wrap (just the names i saw)

| • | Publicis were confident and reiterated 2026 and…