The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0758 GMT - Raspberry Pi's expansion into semiconductor sales is a potential driver of longer-term revenue growth and margin expansion, Jefferies analysts write. The low-cost computer maker's strength as a supplier of single-board computers will also help increase profitability and market share, they add. Jefferies has a buy rating on the stock and a 960 pence target price. Shares are up 14% at 717.50 pence, leading the FTSE 250 index risers. (ian.walker@wsj.com)

0518 GMT - Xiaomi's 18 Pro and 18 Pro Max smartphones will provide a useful test of the company's pricing power, Bernstein analysts write in a note. The Chinese company unveiled the Xiaomi 18 Pro and 18 Pro Max at 5,999 yuan and 6,999 yuan, respectively, 1,000 yuan more than the 17 series at launch, they add. The new models represent another step in Xiaomi's shift toward premium products. While feature upgrades are substantial and higher memory costs support the pricing increase, Bernstein is cautious about consumer reception, given the competitive smartphone market and weak macro environment, they say. Bernstein maintains its outperform rating for the stock at a target price of 35.00 Hong Kong dollars. Shares last at HK$26.16. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0433 GMT - China's AI application names, which include large language model players and humanoid robot companies, have long-term potential, but face near-term challenges, according to BofA Securities in a research note. "Intense competition are already pressuring pricing and margins in segments such as large language models and humanoid robotics," BofA says. They also lack a clear killer product, which is capable of driving mass adoption and sustainable profits, the bank says. Therefore, investors are "generally more cautious" on these stocks given the near-term monetization uncertainty and execution risks, it adds. (tracy.qu@wsj.com)

0408 GMT - China's AI sector is showing a "barbell profit structure," with the strongest economics concentrated at both ends of the value chain, according to BofA Securities in a research note. Strategic hardware bottlenecks such as AI accelerators, semiconductor equipment, foundries, and memory are likely to benefit from high entry barriers and capital intensity, the bank points out. Cloud service providers and large AI platforms enjoy other benefits, such as scale advantages and rich user use, it says. By contrast, standalone large language model labs and physical AI manufacturers face more intense competition, which limits their pricing power and profitability, the bank says. (tracy.qu@wsj.com)

0315 GMT - Nine Entertainment could face near-term revenue challenges at its Stan streaming platform following the introduction of an ad-supported subscription tier, UBS analysts say. With an unchanged neutral rating on the stock, the analysts tell clients in a note that average revenue per user could soften as near-term ad revenues fail to fully offset lower-value subscriptions, which includes some existing customers trading down. UBS cuts its target price 24% to 79 Australian cents, which also reflects declines in shares of other streaming services. The stock is down 6.6% at 67.75 Australian cents. (stuart.condie@wsj.com)

0302 GMT - UMS Integration is positioned to benefit from the AI-led semiconductor cycle that will drive the precision-engineering company's earnings, says Citi analyst Arthur Pindea in a note. Revenue is expected to grow at an annualized 32% and earnings per share at 38% over FY25-28, the bank estimates. Organic growth from long-standing client Applied Materials and market-share gains through new client Lam Research will also support earnings. Scale efficiencies and a sustained net cash position could open room for progressively higher dividends, Citi adds. The bank initiates coverage at buy/high risk with a target price of 3.43 Singapore dollars. Shares are up 4.9% at S$2.78. (venkat.pr@wsj.com)

1915 GMT [Dow Jones]--Five data center companies who got their start in the cryptocurrency mining business are set up for "rapid growth," UBS analysts write in a note, initiating coverage of the stocks with buy ratings. The companies -- Hut 8, TeraWulf, Core Scientific, Cipher Digital, and Applied Digital -- already have connections to power grids that will prove increasingly valuable, given that "time to power is the key factor in data center development," the analysts write. "They occupy the enviable position of right place, right time with the skills and assets to supply crucial inputs in the largest infrastructure spending project in history." (elias.schisgall@wsj.com)

1901 GMT - Thomson Reuters' new AI product rollout will drive faster long-term revenue growth than previously thought, says TD Cowen's Vince Valentini. In a report, the analyst notes new products either recently launched such as the new version of CoCounsel or still in development, like its proprietary LLM, called Thomson. Then there's Brief Builder for legal, which is coming soon. "We believe the legal TAM [total addressable market] growth rate is accelerating," he says, estimating a 10%-13% growth over the next few years. Valentini sees "TRI being able to keep pace with this market growth." As a result, Valentini raised his consolidated organic revenue growth to 9.0% in 2027 and 9.4% in 2028, up from his previous estimate of 8.3% and 8.4%, respectively. (adriano.marchese@wsj.com)

1857 GMT - The U.S./China summit is really about "buying time," according to Oxford Economics. The economists say "China wants to preserve export access while reducing external technology dependence. The U.S. wants to limit near-term supply-chain disruption and build manufacturing capacity at home." They say both sides need time to build credible substitutes. As for actual deliverables from the summit, they expect limited tariff relief, potentially stronger purchase commitments in agriculture and aircraft, and agreements or commitments to cooperate on a narrow set of issues, including AI safety and Iran. That would leave thornier issues around tech rivalry and Taiwan unresolved, Oxford says. (patrick.sheridan@wsj.com)

1848 GMT - Expedia's partnership with Meta's Muse AI assistant puts pressure on Booking Holdings and Airbnb to follow suit, Morgan Stanley says in a note. If the partnership successfully shifts trip planning activity to Muse agents who prioritize Expedia listings, "we think it will also increase pressure on BKNG and ABNB to pursue similar partnerships with Muse rather than risk losing incremental traffic and customer relationships to EXPE." Airbnb may be most exposed, the analysts say, as around 90% of its traffic comes directly and the company relies comparatively less on marketing. Expedia falls 6.3%, Booking is off 4.6% and Airbnb slides 6.1%.(elias.schisgall@wsj.com)

1751 GMT - Bitcoin ETFs have posted a net inflow of more than $2.3 billion over four consecutive days, with more than $1.7 billion of that reported in the past two days, according to data from Coinglass. Analysts now say the next psychological price level for bitcoin is at $90,000. "We expect the $80,500 or so region to provide the first area of support and then for the $85,000 to 86,500 region to continue acting as resistance until the next range breakout is catalysed," says analysts with Bitfinex in a note. Bitcoin is trading down 2.7% to $83,883. (kirk.maltais@wsj.com)

1742 GMT - The key debate regarding Micron's stock is the balance between momentum in memory technology demand and pricing and the duration of the memory shortage, according to UBS in a note. So far, it seems that the mismatch between memory supply and demand will widen in 2027. But even if open market memory prices fall by around 80% at the end of the cycle, beginning in the back half of 2028, Micron should still show strength, the analysts say. "We think trough annualized EPS will still be HIGHER than where MU will likely guide annualized EPS next Q--a very powerful statement and one that we think the market will ultimately reward," they say. Micron is off 2.3%.