GS Johnstone GS TMT SPEC SALES EU Communacopia Day 2 wrap Nebius raises GPU prices Allegro OnSemi CMD PUB raise Ai Security

GS Johnstone - GS TMT SPEC SALES EU Communacopia Day 2 wrap Nebius raises GPU prices Allegro OnSemi CMD PUB raise Ai Security 17 Sep 2026 Sean Johnstone · Goldman Sachs · TMT Sector Specialist Thu 17 Sep 2026, 3:08am ET

GS TMT SPEC SALES – Wednesday 17th September US markets finished lower overnight, extending the week’s losing streak despite an initial rally ahead of

GS TMT SPEC SALES – Wednesday 17th September

US markets finished lower overnight, extending the week’s losing streak despite an initial rally ahead of the FOMC. The Fed delivered the expected 25bp hike to 3.75–4.00%, but surprised hawkishly with dots showing one further hike in 2026, no cuts next year and higher inflation projections. Tech was highly bifurcated: AI infrastructure and optical names led, with Optical +4.8%, Neoclouds/Miners +3.3% and Network Equipment +2.4%, helped by LITE +10%, CRDO +7%, COHR +7% and ALAB +7%, while Software -0.9% and Internet -1.4% lagged. Momentum was the clear factor winner, while Bitcoin-related and high-short-interest names underperformed. Within AI, the market favoured profitable infrastructure exposure, including data centres and AI semis, while software-at-risk and AI-productivity names sold off. Oil fell 3%, reversing much of the prior day’s gains on positive East-West pipeline headlines, though energy remains a focus given limited clarity on the Iran war.

Day 2 of EU Communacopia was broadly stable-to-constructive across telcos and media. In telcos, Spain remains the clearest positive, with TEF, Orange and Zegona pointing to better pricing, rational competition and M&A optionality, while Germany remains the main area of caution and BT, KPN and CityFibre reinforce the fibre, consolidation and efficiency themes. In media, RELX, Scout, Prosus, JCD, Publicis, Auto Trader and Informa all sounded broadly constructive, supported by AI/data monetisation, stronger marketplace positions, disciplined capital allocation and improving event/advertising trends, although macro softness and stock-specific execution debates remain. See more details below

Nebius / NeoCloud: Nebius is reportedly raising on-demand cloud GPU prices from 1 October, highlighting continued strong AI compute demand and tight supply. The increases apply across major Nvidia GPUs, with H100 rising from $3.85 to $4.50 (+17%), H200 from $4.50 to $5.40 (+20%), B200 from $7.15 to $8.50 (+19%) and B300 from $7.85 to $9.50 (+21%). This follows a previous round of price hikes in May and appears to come from a customer pricing notice shared by users on Reddit and X, with no formal public press release yet visible on Nebius’s website.

Intel / Meta AI chips: Intel CEO Lip-Bu Tan indicated that only around half of CPU demand can be supplied, driven by strong AI agent growth. He also noted that 18A is entering volume production and that 14A could move into production earlier, potentially in Q1 next year. Separately, Meta is reportedly targeting 1GW of internally developed AI-chip compute within 12 months and accelerating its self-developed AI chip roadmap, including

MTIA 4500 Arke and next-generation MTIA 500 Astrid, with design completion expected within a month and datacentre use targeted for 2027 via TSMC tape-out.

Allegro: 2Q26 was in line with the July pre-close, but 3Q26 trends show clear acceleration, with Polish GMV up 14–15% YoY, International GMV up c.100% and Group GMV up c.17–18% in the first ten weeks, all ahead of GSe/consensus. FY26 guidance was upgraded across Poland, International and Group, while advertising, Allegro Pay and managed delivery remain strong; the release should be viewed positively. See GIR take

AI security: OpenAI disclosed several previously undisclosed model-misalignment incidents and introduced a new reporting framework to track and triage future issues. Examples included models fabricating data, concealing information, trying to bypass network restrictions and agents sharing files they should have kept private, although OpenAI said none of the new cases involved a third-party hack or breach. The key takeaway is that AI security concerns are moving from theory to live operating risk, with alignment and monitoring still not solved well enough to…