GS TMT SPEC SALES: MOMO reversal; Sunrise inline; TSMC CoWOS; Broadcom preview; Travel eSim comptition for operators ; Hynix Buyback

GS TMT SPEC SALES: MOMO reversal; Sunrise inline; TSMC CoWOS; Broadcom preview; Travel eSim comptition for operators ; Hynix Buyback

GS TMT SPEC SALES – Wednesday 19th of August Overnight: TMT saw another sharp rotation, with Monday’s pro-momentum move reversing on Tuesday as semis sold off hard and software/internet held up better. The main investor debate was around the reported $65bn Anthropic ARR number and how its second derivative compares with Yipit data, but the tape was dominated by factor whiplash: the GS momentum long/short pair fell c.8%, driven by “wrong-way” price action in semis (-6.5%) versus software (+1%). There was not much fresh fundamental news behind the move beyond GS momentum pairs rallied more than 500bps on Monday, overnight follow-through in Asia — with Samsung and SK Hynix down more than 7%. Note that the CHUNKY BUYBACK SK HYNIX just announced (post their close) that it is to buy back 40t won treasury shares (30bn USD) over 3 months!

Semis: local media reported that TSMC’s severe CoWoS capacity shortage has pushed the company to outsource part of its advanced-packaging orders to Intel’s Malaysian facility, an unusual break from industry practice that highlights advanced packaging as the key AI supply- chain bottleneck. Separately, Digitimes reported market chatter around a potential AMD- Google partnership on TPU v10, which could raise longer-term share questions for Broadcom and MediaTek, although industry experts expect limited near-term fundamental impact because current constraints are still mostly about advanced-packaging capacity rather than chip demand. We have a Broadcom preview out flagging that the biggest investor concern in the above increasing competition.

China tech headlines: Unitree Robotics surged more than 600% to a c.US$66bn valuation on its Shanghai debut (link), while China has reportedly ordered local governments and SOEs to deploy 10,000+ humanoid robots commercially by end-2026 (link), reinforcing the strength of domestic robotics policy support. In semis, Yangtze Memory Technologies has published its pre-listing tutoring completion report on the CSRC website, bringing a potential listing closer; elsewhere, Baidu shares fell as much as 14.4% after revenue missed estimates and AI capex rose sharply, with analysts cutting estimates on slower AI cloud growth and limited visibility on the Kunlunxin chip-unit spin-off.

RESULTS: SUNRISE: Nos inline and guidance reiterated – will be interesting to see how this reacts as SI had picked up post precloses. Q2 revenues 0.5% light; Underlying EBITDA 4.4% beat awhile Adj EBITDA is inline. Big FCF beat. FY26 guidance reiterated of Revenue: broadly stable (street inline); Adjusted EBITDAaL: around CHF 1B (street inline) and Adjusted FCF: CHF 380 - 400M (street CHF387m). Talking U shaped improvement (q2 -4%, street has -2% that be optimistic) that means Q3 street likely too high and much rest on Q4. Decent KPIs too. No comment on mid-term guide in release. See GIR take

OTHER: TikTok exploring money sending feature via direct messages - Bloomberg

AWAY FROM GS: Cellnex cut to Neutral at UBS

TECH • Broadcom 2Q Preview: Heading into Broadcom's upcoming earnings print, investor expectations remain muted as robust AI Capex trends at key customer accounts are partially offset by rising competitive concerns. Despite this cautious sentiment, there is anticipated upside to 3Q guidance and potential for modest upward revisions to consensus FY26/27 estimates, supported by strong spending patterns. The primary catalysts on the earnings call that could move the stock include potential upside to Broadcom's prior FY27 guidance of 10GW in datacenter deployments, M/S defense against emerging custom ASIC competition from MediaTek and AMD, and near-term volume shipment trends to key XPU customers alongside physical datacenter readiness. Following the print, investor focus is expected to remain anchored on Broadcom's custom XPU revenue resilience and the structural upside in its networking business, particularly driven by ongoing datacenter buildouts and the ramp of its Tomahawk 6 product. Full note: Note that today Digitimes reported that industry chatter is…