Americas Technology: Semiconductors: 2Q Preview: Expect broad upside but run in stocks raises the bar; tactical ideas for earnings

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Americas Technology: Semiconductors: 2Q Preview: Expect broad upside but run in stocks raises the bar; tactical ideas for earnings

Equity Research

5 July 2026 | 7:43PM EDT

Americas Technology: Semiconductors: 2Q Preview: Expect broad

upside but run in stocks raises the bar; tactical ideas for earnings

Most estimate upside for SemiCap/Compute/Storage, but risk/reward less positive James Schneider, Ph.D.

+1(212)357-2929 |

We see upside to estimates across most sub-sectors of the semiconductor ecosystem jim.schneider@gs.com

Goldman Sachs & Co. LLC

heading into 2Q earnings. But following dramatic outperformance for the sector in

Anmol Makkar

2Q (SOX up 88% vs. SPX up 14%), we see a more challenging trading setup ahead of +1(212)357-1366 |

earnings. In compute, given an upward bias to hyperscaler CapEx, we see upside for anmol.makkar@gs.comGoldman Sachs & Co. LLC

both server CPUs (increasing AI attach) and key ASIC programs. We see also Luya You

fundamental upside for the entire memory/storage complex, but prefer HDDs and +1(212)902-5297Goldman Sachs & Co.| luya.you@gs.comLLC

NAND given a lack of incremental near-term supply additions. We also expect Khalil Fenina

positive estimate revisions for SemiCap companies given pull-ins to WFE spending, +1(212)357-6392 | khalil.fenina@gs.com

and long-term visibility into 2028. Finally, we see upside to analog estimates - and Goldman Sachs & Co. LLC

we prefer stocks with the greatest industrial, aero/defense and datacenter exposure.

Tactical Ideas: We see upside for AMAT, AMD, ON; downside for KLAC, ARM, Q

AMAT (Buy) – We expect DRAM strength to drive best-in-class growth in 2026, and

see visibility into 2028 and potential pricing tailwinds driving the stock higher.