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This paper studies how technological disclosures shape financial markets’ macroeconomic expectations. I combine semiconductor-sector returns around recurring technology conferences with large language model (LLM) classifications of keynote transcripts. The classification distinguishes technological capability from demand and adoption, and capability already available from capability yet to arrive. I find that pos- itive conference-day surprises are associated with higher economic growth expectations for both delivered-capability-heavy and promised-capability-heavy keynotes, but their inflation implications differ. Expectation is inflationary for delivered-capability- heavy keynotes and disinflationary for promised-capability-heavy keynotes. These joint responses are consistent with the interplay between anticipated demand expansion and improvements in productive capacity. Subsequent increases in capital-goods orders in both cases, and lower core prices alongside higher production following promised-capability-heavy keynotes, provide complementary evidence. The findings suggest that the economic content of technological disclosures matters for explaining why technology news may have different inflation implications.