Top Highlights From Day Two Of Goldman's Giant Tech Conference

The closely watched Goldman TMT Communacopia + Technology Conference is taking place in San Fran this week, and yesterday it was day 2 with presentations from Microsoft, IBM and Dell among others (for the recap of Day 1, see here). Below we summarize some of the key views from Goldman's Sales and Trading  team, but as one can imagine (from what is basically a giant attempt to boost investor excitement), the overall message from the second day of the conference presentations was, just like after day 1, "decidedly bullish."

During the second day, companies discussed how agentic AI is driving significant demand tailwinds for both services and equipment, all the way from systems to components. Companies highlighted higher structural demand driven by AI, which are driving capacity additions given extended demand visibility from customers. Companies struck a bullish tone on a broad-based recovery across end markets - including industrial and automotive - driven by lean inventory levels, content growth, and steadily improving demand. IBM expects to see accelerating revenue growth in its Consulting business in 2H26, which it believes is idiosyncratic in nature due to its larger exposure to Gen AI service areas relative to peers.