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.

1112 ET - Bitcoin ETFs recorded their first net outflow day since mid-September, entering a month that typically is strong for both ETF flows and retail investor demand. "Bitcoin's median October return has historically been around 11%-14%," says Lacie Zhang of Bitget Wallet in a note. "October has a strong historical track record for bitcoin, but seasonality alone is not an investment thesis." Zhang says that outside macroeconomic factors may keep pressure on bitcoin this month. "High interest rates, oil prices and renewed inflation pressure remain the main headwinds." Zhang pegs downside support at $82,000, while resistance is seen at $87,500. Bitcoin is up 0.5% to $84,047. (kirk.maltais@wsj.com)

0936 ET - Bitcoin's price is in a tug-of-war between strong ETF and corporate demand on one side and persistent inflation and rate risks on the other, Bitget Wallet's Lacie Zhang says in a note. It is trading around $83,500, with Zhang seeing $82,000 as the key downside level and $87,500 as the trigger to a bigger rally. Institutional demand can provide a floor, but it's unclear whether that demand can continue exceeding profit-taking by long-term holders and selling from miners, the analyst says. Bitcoin faces major tests from jobs data coming out tomorrow and September inflation data coming out in two weeks, Zhang says. If those reports reinforce the case for hiking rates, crypto will be under pressure from higher real yields and a stronger dollar, the analyst says. (dean.seal@wsj.com)

0602 ET - Micron Technology's decisive beat-and-raise earnings print suggest the company has a strong, multiyear earnings narrative, J.P. Morgan analysts write. The chip maker guided for revenue in the next quarter of $61.5 billion--ahead of consensus estimates of $56.6 billion. Micron will be able to maintain wide margins, as supply tightness in memory chips continues through 2028 at a minimum, they say. Micron's management signaled a willingness to initiate a stock repurchase program, according to JPM. "The capital return story in our view represents a substantial multiyear value-unlock lever," the analysts say. Micron shares fall 0.25% premarket. (josephmichael.stonor@wsj.com)

0600 ET - European telecommunications companies' concerns over SpaceX and agentic artificial intelligence are overdone, Berenberg analysts write in a note. Telcos shares fell by 15% in June, as concerns about SpaceX weighed on the global telecommunications sector, and dropped another 5% in September due to fears around agentic AI, they note. "Spectrum issues and fragmentation in Europe provide the greatest protection, with larger risks in the U.S.," they say, while personal agentic AI represents a new threat, they add. Digi Spain is down 0.2%, while Orange shares are trading 0.3% higher. (najat.kantouar@wsj.com)

0540 ET - Micron Technology executives' expectation for chip supply to tighten in 2028 was the most important comment in the group's earnings call, Citrini analyst Jukan Choe says in a post on X. Market valuations of chip stocks suggest supply tightness for memory chips will be short lived, Choe says. "What this comment tells us is that a substantial portion of 2028 volume is already contracted." If chip makers have guaranteed demand through 2028, their valuations should be higher, the analyst adds. Micron shares edge down 0.3% premarket. (josephmichael.stonor@wsj.com)

0439 ET - Chinese artificial-intelligence labs are facing more pressure from an intensified price war, Jefferies analysts say in a research note. The average application programming interface price gap between U.S. and Chinese frontier models widened to 70% in September from 60% in August, the analysts say. API pricing is a usage-based billing system where AI providers charge users for the services provided. "Sustained high capital expenditure, falling API prices, and more competitors are negative for AI-lab economics, particularly in China," they say. Jefferies continues to prefer platform players, given their "multiple monetization channels and ability to cross-sell AI services into sticky enterprise and consumer user bases," the analysts say. (tracy.qu@wsj.com)

0422 ET - Shares of European semiconductor companies are mixed despite better-than-expected results from Micron Technology. Shares in the memory chip maker are up 0.1% premarket. Chief Executive Sanjay Mehrotra said the shortage of memory chips that are key for artificial intelligence should continue in the coming years. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International edge 0.3% and 0.4% lower, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 0.6%. German chip maker Infineon Technologies' stock gains 0.5%. STMicroelectronics shares are down 0.3%. In the U.S., the E-mini Nasdaq 100 futures contract edged 0.4% higher, indicating a positive opening for tech stocks.(mauro.orru@wsj.com)

0359 ET - Research and development for world models can be "very positive" for artificial-intelligence compute and memory demand, Jefferies analysts say in a research note. While the research remains at an early stage, the models' ability to predict how the physical world might change in response to an action is critical to further potential of the robotics and autonomous-driving industries, they say. There are different routes to developing world models, some of which are compute- and memory-intensive, the analysts note. That supports a positive read-through for data centers and high-bandwidth memory suppliers over the long term. (tracy.qu@wsj.com)

0338 ET - Xiaomi is likely to report a 10% decline in smartphone revenue for 2026, HSBC Global Research analysts write in a note. That is based on the assumption of a 27% drop in volume and a 24% increase in average selling prices, weighted toward the fourth quarter, they say. Meanwhile, a heavier 4Q product schedule should provide greater room for pricing and mix adjustments even if component costs remain elevated, the analysts add. Xiaomi entered the second half of the year with considerably more raw-material inventory but lower finished-goods inventory, they note. HSBC Global Research initiates stock coverage with a buy rating and a target price of HK$33.20. Shares last closed at HK$25.24. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0123 ET - Nontraditional players are entering the server CPU market amid resurging CPU demand, TrendForce says in a note. The explosion of agentic AI has driven a wave of demand for CPUs, which coordinate different tasks, route tool calls and pass data between subagents, it writes. As a result, the CPU-to-GPU ratio in AI data centers is expected to shift to between 1:1 and 1:2 from 1:8 currently, significantly boosting market demand for CPUs, it notes. This demand shift is reshaping the competitive landscape. Beyond traditional server CPU vendors Intel and AMD, a new wave of nontraditional players is entering the CPU market, such as GPU maker Nvidia, IP licensor Arm, and major cloud service providers including AWS and Google, it adds.(sherry.qin@wsj.com)

2355 ET - Tuhu Car's 278 million Australian dollar acquisition of mycar Tyre & Auto is expected not only to boost earnings but also provide a testing ground for future overseas expansion, CMB International analysts say in a note. The deal would lift Tuhu's adjusted net profit by an estimated 10% and 15%, respectively, for the next two years, the note said. The brokerage maintains its buy rating on the Chinese car-maintenance and repair services platform and raises its target price to 19.0 Hong Kong dollars from HK$18.0. Shares closed 0.4% lower at HK$11.29.(venkat.pr@wsj.com)

2235 ET - South Korean internet giant Naver could post a 3Q earnings miss, Nomura's Angela Hong says. The company's operating profit likely came in below market consensus, partly dragged down by elevated costs for infrastructure and offline business expansion, the analyst writes in a note. Hong trims her earnings-per-share forecasts for Naver by 8% for both 2026 and 2027, citing expectations for softer near-term earnings and margin headwinds. Though the company's longer-term artificial-intelligence factory project remains on track, she remains on the sidelines pending greater visibility into AI data-center demand and return profiles. Nomura maintains a 210,000-won target price and neutral rating on the stock. Shares are 0.9% lower at 191,900 won.