TMT Specialist Sales Update

This GS TMT Sales update highlights price target hikes for Samsung and SK Hynix amid a prolonged memory upcycle, SoftBank's €75bn AI investment in France, and regulatory headwinds for Wise.

Key Takeaways

• 1.GIR raised price targets for Samsung and SK Hynix, forecasting a 'higher for longer' memory cycle due to tight DRAM, NAND, and HBM supply through 2028.
• 2.Chinese AI models (Alibaba, ByteDance) are leading in raw token volume for cost-sensitive use cases, while US models maintain dominance in high-value enterprise workloads.
• 3.SoftBank pledged €75bn for a massive network of AI computing clusters in France, marking Europe's largest data center project.

Table of Contents

• TODAY'S WRAP
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING

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