Goldman Sachs Americas Technology: Semiconductors—Communacopia + Tech Conference 2026 Takeaways
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Goldman Sachs hosted its Communacopia + Tech Conference in San Francisco on September 8-11, 2026, with 32 presenting companies across AI/digital semiconductors, EDA software, analog, semiconductor equipment, and storage. Supply is tight both upstream in components and downstream in land, power, and data center capacity, with Goldman viewing the downstream constraint as marginally more binding. Equipment makers report record orders and backlogs, with roughly 8-10 new fabs ramping in 2027 supporting accelerating WFE spend led by DRAM, foundry/advanced logic, advanced packaging, and NAND. AI inference is structurally lifting NAND and mass-storage demand; companies expect at least 12-18 months of tight supply supporting prices and margins, with confidence in a strong CY27. Broadcom reiterated FY27/FY28 AI revenue targets of $115bn/$230bn, supported by a $35bn XPV partnership funding over 20GW of compute; Qualcomm reaffirmed its FY29 data center revenue target of $15bn. TSMC said Arizona phase-1 yields match Taiwan and are profitable, expects ~30% of N2-and-beyond capacity outside Taiwan within five years, and maintains its 56%+ long-term gross margin target. Amkor guided 2027 computing revenue +30% and reaffirmed its 2030 $11bn revenue target; Seagate sees HAMR overtaking PMR before end-2026 en route to 80-90% of bit shipments; in EDA, Cadence flagged a 48x rise in chip complexity over five years.