The strength of semiconductor stocks during the second quarter may make it challenging for companies to impress the market with their second quarter financial results, Goldman Sachs analysts say in a note. "We see upside to estimates across most sub-sectors of the semiconductor ecosystem heading into 2Q earnings," the analysts write. "But following dramatic outperformance for the sector in 2Q (SOX up 88% vs. SPX up 14%), we see a more challenging trading setup ahead of earnings." Still, the analysts see upside for companies that serve artificial-intelligence hyperscalers, the industrial and defense sectors, and memory technology manufacturers. (elias.schisgall@wsj.com)