Midday Market Intelligence: tech tantrum?

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Midday Market Intelligence: tech tantrum?

Goldman Sachs Midday Market Intelligence

broad upside but run in stocks raises the bar; tactical ideas for earnings.” But following

dramatic outperformance for the sector in 2Q, we see a more challenging trading setup

ahead of earnings. We also expect positive estimate revisions for SemiCap companies

given pull-ins to WFE spending, and long-term visibility into 2028.

So what’s a tech tantrum? In 2013, Fed Chair Ben Bernanke spoke about removing the

quantitative easing (QE) program that had become a constant of monetary policy in the

post-Great Financial Crisis era. The market reacted by selling bonds and driving up yields

— what was quickly referred to as a ‘taper tantrum’ (tapering QE led to a tantrum among

bond investors). And notably, the run-up in rates was relatively short-lived (by 2015,

10-year yields were back to pre-tantrum levels). There’s no Ben Bernanke to point to

today in the AI trade perhaps. Samsung Electronics is not even holding its earnings

conference call until the end of this month, on July 30th. But the AI infrastructure trade

is supported by a slew of companies — any of which can provide information for the

market on the state and durability of the capex that is helping to fuel 20%+ market

earnings growth — providing more opportunity for us, perhaps, to see periodic ‘tech

tanturms’ as we continue to climb a ‘wall of worry.’

chart of the day — focus on tech fundamentals

Daiki Takayama, Allen Chang, Jim Schneider and team update our view across the Asia

Tech ecosystem following the strong run-up we have seen in both fundamentals and

stock prices this year in a fresh note this morning, “Asia Tech Investment strategy for

2H26: Proposing stock strategies for both risk-on and risk-off markets.” Concerns about