Tech Comeback Ahead?

24 snips

Feb 20, 2026

Peter Callahan, a Goldman Sachs U.S. tech, media, and telecom sector specialist, discusses why tech has lagged despite AI optimism. He covers the shift from AI build to implementation, earnings that failed to move stocks, CapEx and mega-cap execution pressure, software's pullback and rotation into semiconductors, and near-term catalysts to watch.

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INSIGHT

AI Hype Vs Market Reality

Despite AI hype, tech has underperformed YTD as investors rotate into other assets.
Peter Callahan links this to shifting focus from build-cycle to AI implementation and economic views.

INSIGHT

Solid Earnings, Forward Uncertainty

Q4 earnings showed strong revenue and earnings growth across tech subsectors.
Markets remain cautious because investors worry about future visibility despite solid current fundamentals.

INSIGHT

CapEx Raises Execution Stakes

Elevated CapEx expectations rose during Q4 and increased capital intensity for large tech.
That spending raises pressure to deliver revenue and products over the next 6–24 months.

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Despite widespread optimism about AI, the US tech sector has lagged meaningfully this year. What factors could lead to a bullish reversal – and which stocks may be set to rebound? Peter Callahan, the US Technology, Media and Telecommunications sector specialist within Goldman Sachs Global Banking & Markets, discusses with Mike Washington on the Goldman Sachs trading floor.

Recorded on February 19, 2026.

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