London TMT conference feedback: what did we learn?

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London TMT conference feedback: what did we learn?

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European Technology

London TMT conference feedback: what

did we learn?

Industry Overview

European Technology: AI surge & macro uncertainty 15 June 2026

Over 300 investors attended our London TMT conference on June 9th-11th. We hosted Equity

AIXA, AMS, ASMI, ASML, IFX, MELE, MYCR, NOK, NOD, SOI, STM, VAT, as well as Europe

Alten, Amadeus, Atos, Dassault Systemes, HBX, Infosys, Nemetschek, NETC, Technology

OpenAI, Remitly, Sabre, Sopra, Sage, SAP, Sinch, Tata Tech, TeamViewer, Tieto Didier Scemama >>

and Wise across Software, IT Services and Payments. Discussions were dominated by Research Analyst

strength in AI demand, with macroeconomic uncertainty somewhat hindering visibility. MLI+44 (UK)20 7995 6751

didier.scemama@bofa.com

Semiconductors: AI surge, tight capacity, margin upside Frederic Boulan, CFA >>

Key takeaways: (A) ASML appeared confident on longer-term demand, with healthy ResearchMLI (UK) Analyst

order momentum, customer upgrades and memory strength supporting 2028 visibility, +44 20 7995 7101

frederic.boulan@bofa.com

while EUV capacity should be meaningfully above 90 units exiting 2027. (B) ASM noted

Aditya Buddhavarapu, CFA >>

broad-based strength across logic, memory and power/analog ex-SiC, no capacity Research Analyst

constraint and margin upside from ALD mix and new platform adoption. (C) IFX was MLI (UK) +44 20 7995 7318

more constructive, with the order book rising to just under €30bn by end-May, auto aditya.buddhavarapu@bofa.com

above 50% of the book, Dresden ramping faster on strong demand and PSS price rises Victor Cheng, CFA >>

expected in the Dec quarter. (D) VAT flagged a steeper-than-expected semi ramp, Research Analyst MLI (UK)