Here are some of the important takeaways from Goldman Sachs Communacopia + Technology Conference 2026 and Citi’s 2026 Global TMT Conference this week: > Demand for AI compute, infrastructure, and hardware is described as vastly outpacing supply, with multiple companies indicating no signs of a slowdown through 2027 and into 2028. The expectation remains strong that CSPs continue to ramp up CapEx next year. > All of the power semiconductor companies highlighted that inventory levels remain below historical average with no signs of inventory buildup. > Physical AI was mentioned by several companies (Nvidia, Sandisk, Teradyne, Lam Research) as an upcoming movement further strengthening semiconductor demand signal. > SPE providers building up capacity headed towards 2030, with cleanroom being the top constraint. CEO of Teradyne sees strong demand through 2031-2032, claiming it will be the longest semi cycle ever. > Memory makers (Sandisk, Western Digital) have discussed LTAs extending into 2031. CEO of Sandisk saying the LTAs are there to smooth demand and make it more predictable, but some customers still want a lot more supply than the LTAs can provide. > Supply remains intensely tight across advanced packaging (such as 2.5D and high-density fan-out), HBM, LPDDR/DRAM, wafers, connectors, voltage regulators, and specialized optical components (like calcium fluoride optics with lead times up to 18–24 months). > Amkor mentions advanced packaging capacity as extremely tight and in very high demand, same signal thrown out by SPE providers like Lam Research and Applied Materials. > Data center land, power availability, shell readiness, and cooling represent the primary operational bottlenecks for the industry rather than immediate semiconductor supply. Cleanroom construction lead times span 2 to 4 years, creating a structural constraint that is projected to worsen into 2027. > Michael Dell says working with neoclouds is the best because they offer the best demand signal due to their ability to get land, power, and shell. > Jensen noted that power requirements are substantial, citing that a single AI GPU system setup can scale up to 250,000 kilowatts and cost per gigawatt sits around $40 billion. > Microsoft reported that customer demand signals remain "healthy" and that they have established numerous LTAs across the supply chain to rapidly bring supply online. > Nebius reported that AI compute demand is vastly outpacing supply, pushing orders into 2028 and causing persistent price increases that CEO Arkady Volozh expects to last at least another 24 months. > Cisco noted that AI agent traffic has surged 14x since February, with agents now consuming 60% of inference capacity and requiring 450% more bandwidth than human users. > President of Global Business Units at Lumentum says laser supply will not catch up to demand for another couple years. Overall, 2027 looks to be a strong year for semiconductors with no sign of a spending slowdown, and an initial belief that the upcycle continues in 2028 as well. It shouldn't take too long for companies to start claiming demand visibility till 2030. $AMD $NVDA $DELL $LITE $NBIS $MSFT $SNDK