GS TWIG Notes: This Week in Global Research - June 26, 2026

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GS TWIG Notes: This Week in Global Research - June 26, 2026

Goldman Sachs GS TWIG Notes

supply cuts, stabilizing wholesale prices for key spirits, and healthier cash flows

suggests China’s spirits market may have reached a bottom in “Upgrade King’s

Luck/Gujing to Buy on risk/reward.”

n Mike Ng expects the US Tower industry’s growth to reaccelerate as it moves past a

few industry-specific headwinds, supported by long-duration leases, annual

escalators, low churn, strong incremental margins, high barriers to entry, and

ongoing consolidation, in “Assuming Towers Coverage.” Buy: AMT. Separately, Tina

Song highlights how AI token plans should drive user ARPU, supported by expanding

AI scenarios for Chinese Telcos in “AI token plans to drive ARPU, while 5G BTS

remains soft.” Finally, Callie Valenti leans into customer service software stocks that

can capitalize on AI solutions in “Assessing AI Impacts in SMID Customer Experience

Software.” Buy: TWLO, BRZE, and KVYO.

n Finally, Lindsay Bettiol leans into Australian asset managers with large, diversified

platforms, with exposure to alternative investments in “Multi-Affiliate Asset

Managers.” Buy: PNI and NGI.

HALO meets AI and it’s all adding up

n Allen Chang and team raise our global server TAM amid growing demand for AI

server racks and higher memory costs, both of which are fueling increased spending

by Cloud Providers in “Raising both AI and General servers.” Additionally, increasing

investment in AI servers is also fueling growth at the ODM’s building them, as Chang

discusses in “AI capex upcycle to drive ODM growth ahead.” Also, see Kat Murphy’s

“Traditional & Accelerated servers: An industry primer.”

n Look for AI to compress project timelines for Energy Services companies, while also