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.

1303 ET - Newly built homes are becoming increasingly competitive with existing homes on both price and financing, according to Realtor.com. The new construction price premium -- the percent difference between median list prices for new and existing homes -- fell to its lowest 3Q level on record in Realtor.com's data history. At the same time, builders' incentives continue to meaningfully reduce mortgage rates and down payment requirements, with new-construction buyers last quarter paying nearly a full percentage point less on a 30-year mortgage than buyers of existing homes. Despite notable headwinds for housing in 2025 -- a softer labor market, weaker buyer demand, and higher input costs from labor shortages and new tariffs -- new construction is a relative bright spot for home shoppers. (chris.wack@wsj.com)

1253 ET - Oracle continues to carry risks after its deal with OpenAI that made up almost all of its latest backlog increase, D.A. Davidson says in a note. "While we do not believe default is a likely outcome for Oracle, we believe that the increase in the cost to insure Oracle's debt is an indication the market realizes Oracle has borrowed too much for a customer that may or may not materialize," the analysts say. There are a few scenarios that could play out, but the most likely is that OpenAI "resets expectations based on more reasonable assumptions next year," the analysts say. That would put Oracle behind Microsoft and Amazon but ahead of CoreWeave on the creditor list, which could help it salvage some of the backlog, they say. The analysts cut Oracle's price target to $200 from $300. (kelly.cloonan@wsj.com)

1241 ET - Zoom Communications is getting more business from channel partners, while enterprise sales slow down, Cantor analysts Thomas Blakey and Michael Vidovic say. The video conferencing company said it had 30% growth in its channel pipeline. Channel drove 90% of the largest deals in Zoom's go-to-market contact center business in the third quarter, the analysts say. Meanwhile, enterprise sales decelerated to 6% in the third quarter from 7% in the prior quarter. The analysts expect relatively flat quarter-over-quarter revenue in Zoom's online business, which would result in 5% growth in enterprise in the fourth quarter. (katherine.hamilton@wsj.com)

0546 ET - Shares in Google-owner Alphabet rise and those in Nvidia fall after a report in technology news publication The Information that social-media giant Meta Platforms, owner of Facebook and Instagram, is in talks to buy Google's artificial-intelligence chips. This would potentially take a key customer away from Nvidia and challenge the chipmaker's dominant position in the sector. Google's Gemini AI tool has also drawn new praise in recent days, adding to the tech titan's market luster and weighing on the Tokyo-listed shares of SoftBank, a major investor in Gemini rival OpenAI. Alphabet shares gain more than 3% to $328.55 in premarket trading Tuesday; Nvidia shares lose 3.7% to $175.71. (joshua.kirby@wsj.com)

0531 ET - Softbank Group shares' recent declines are likely down to a "fragmenting" in the AI trade, says Charu Chanana, chief investment strategist at Saxo Singapore. "Investors are no longer treating the sector as one big macro bet--they're differentiating between ecosystems," Chanana says. Stocks perceived as being in the "Nvidia-dependent camp" are coming under pressure, and SoftBank currently fits this category given its heavy exposure to Arm and Nvidia, Chanana writes. Meanwhile, names aligned with Google's chips and broader supply chain are finding support, she adds. SoftBank shares closed nearly 10% lower. (kimberley.kao@wsj.com)

0523 ET - A drop in SoftBank shares suggests investors fear the tech investment firm might have backed the wrong artificial-intelligence horse, Swissquote analyst Ipek Ozkardeskaya writes in a note. Shares in the Japanese investment firm ended the day's trading in Tokyo down at 225 yen amid fresh praise for Google's Gemini AI service, a rival to the ChatGPT tool run by SoftBank-backed OpenAI.That drop "reflects fears [SoftBank] bet on the wrong horse," Ozkardeskaya says. "The AI bubble may not burst entirely, but some parts could," she adds. (joshua.kirby@wsj.com)

2343 ET - Better-than-expected take-up for Telekom Malaysia's voluntary separation scheme could weigh on 2025 earnings, CGS International analyst Prem Jearajasingam says in a note. He projects a 240 million ringgit charge related to the scheme in 4Q. He cuts Telekom's 2025 core net profit forecasts by 3.2% but raises 2026-2027 estimates by 0.1%-1.5%. He lifts 2025-2027 forecast dividend payout ratios to 65%-70% from 60% to reflect Telekom's underleveraged balance sheet. With steady earnings and enhanced capital management, Telekom's shares, trading at 2026 estimated price-earnings ratio of 13.0X and offering an expected 4.7% dividend yield in 2025, could have re-rating potential, he adds. CGS raises Telekom's target price to MYR9.25 from MYR8.70 while maintaining an add rating. Shares are 2.1% higher at MYR7.40. (yingxian.wong@wsj.com)

2336 ET - Higher memory chip prices is a lingering concern for Lenovo's business, UOB Kay Hian analysts say in a research note. The brokerage downgrades Lenovo's stock to hold from buy amid limited visibility of any resolution in memory chip price hikes in the near term, they say. It also lowers the target to HK$10.60 from HK$12.70. Still, the analysts reckon Lenovo is among best-positioned players within the consumer electronics supply chains to weather the memory chip shortage. "Lenovo will be able to achieve share gains through the memory cycle thanks to its capabilities to secure enough component supplies," they say. The PC maker's cost-cutting measures should also help maintain a relatively stable operating margin. Shares are last at HK$9.79. (sherry.qin@wsj.com)

2231 ET - GoTo Gojek Tokopedia will likely post its first net profit in FY26, analysts at CGS International write, noting that its financial services business has become a major growth driver. CGS estimates the segment to contribute 60% of GoTo's overall adjusted Ebitda improvement in FY26, adding that its on-demand services segment has also maintained positive underlying earnings through reduced operating expenses. If the potential merger with Grab materializes, it will serve as an upside catalyst to GoTo's share price, they add. CGSI resumes coverage of the stock with an add rating, citing an improving earnings outlook with a target price of IDR77. Shares are flat at IDR65. (kimberley.kao@wsj.com)

2037 ET - Telekom Malaysia's shares look attractive, trading at a 2026 estimated price-earnings ratio of 15.6X, a discount to domestic peers, Affin Hwang IB analyst Isaac Chow says in a note. He raises Telekom's 2025-2027 EPS forecasts by 4%-11%, reflecting a lower tax rate for 2025, higher other income and stronger fiber revenue. He continues to favor Telekom Malaysia for its extensive fiber infrastructure, submarine cable network and solid balance sheet. Affin Hwang raises Telekom's target price to MYR8.20 from MYR7.85, while maintaining a buy rating on the stock. Shares are 2.2% higher at MYR7.41. (yingxian.wong@wsj.com)

2018 ET - Telekom Malaysia's outlook should be supported by growth in its core segments, Public Investment Bank analyst Eltricia Foong says in a note. Telekom Malaysia's wholesale business arm, TM Global, is expected to be a key growth engine, supported by Malaysia's expanding network infrastructure, rising broadband demand and increasing international bandwidth needs to position itself as a digital hub for the region. With more hyperscalers building data-center capacity in Malaysia, Telekom's role in regional connectivity is set to expand, she says. Telekom also stands to benefit from ongoing 5G rollout through increased demand for fiber backhaul services. Public IB maintains an outperform rating on Telekom Malaysia and keeps its target price at MYR8.80. Shares are 1.8% higher at MYR7.38. (yingxian.wong@wsj.com)

1957 ET - Megaport's new bull at Morgans sees potential for the stock to rerate as the company demonstrates the value of its latest acquisition. Raising his recommendation to buy from accumulate, analyst Nick Harris tells clients in a note that the Australia-listed tech-connectivity provider is paying a reasonable price for Latitude.sh. He thinks the private-cloud provider will accelerate revenue and Ebitda growth. Harris says the combination with Megaport's existing telecommunications network makes the company very well placed to solve key customer issues including unpredictable costs. Morgans raises its target price 3.0% to A$17.00. Shares are up 3.7% at A$13.91. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 25, 2025 16:50 ET (21:50 GMT)

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