Goldman Sachs
July 12, 2026
US TMT Stable-ish
Market ReportEquitiesMacro Economic IndicatorsInformation Technology
The US TMT sector shows signs of stabilization as momentum recovers from a technical drawdown. Market focus is shifting towards upcoming earnings catalysts and AI infrastructure demand.
Key Takeaways
- 1.Momentum stocks in the NDX and SOX have begun to find their footing following a significant pullback.
- 2.AI infrastructure stocks remain critical to market performance, currently accounting for 42% of S&P 500 market cap.
Table of Contents
- events next week
- charts in focus
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Authors
Peter Callahan
Securities
NVDANFLX
Themes
Agentic AIAI Infrastructure InvestmentTechnical Momentum Unwind
Regions
GlobalUnited StatesChinaJapan