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.

1628 ET - CoreWeave CEO Michael Intrator says the company has "reached an important inflection point this quarter as our scale began to translate into expanding operating leverage," as the AI cloud services provider reports revenue more than doubling to $2.58 billion in the second quarter. The company widened its loss to $626 million from $290 million a year earlier, but reported adjusted earnings before interest, taxes, depreciation, and amortization of $1.51 billion with an adjusted Ebitda margin of 59%. Shares tick up 0.8% after-hours on Tuesday. (elias.schisgall@wsj.com)

1328 ET - Investors are buying up ethereum on the spot market ahead of tomorrow's CPI report, says Jake Kennis of Nansen in a note. "Onchain data shows the contradiction clearly: smart money and whales are accumulating ETH on spot, while sophisticated traders remain net short both BTC and ETH in derivatives," says Kennis. This is seen as a method to hedge against risk from stronger inflation projections and an increased potential for interest rate hikes. Kennis says that managed money is buying ethereum at 7.2x the pace that it normally purchases it on the spot market. Ethereum is down 0.9% to $1,862, while bitcoin falls 1% to $63,455 and solana is down 1.9% to $74.94. (kirk.maltais@wsj.com)

1324 ET - Solana may find itself under pressure in the near-term from the unstaking of more than 200,000 SOL from wallets owned by Alameda Research, the now-defunct cryptocurrency-trading arm of the extinct exchange FTX. Crypto firm Onchain Lens reported that the withdrawal of the unstaked solana is worth over $15 million, including nearly $3 million in solana generated since the account was first staked in 2017. The influx of supply may weigh on prices, says Lacie Zhang of Bitget Wallet Research. "Near term, this creates a supply overhang and could pressure sentiment, especially if the tokens move to centralized exchanges," says Zhang. She adds that it's not a foregone conclusion that these assets will be sold--although Alameda's Chapter 11 bankruptcy case remains open. Solana is down 1.9% to $74.91. (kirk.maltais@wsj.com)

Enterprises are likely to diversify their artificial intelligence model usage as part of a shift toward a "modular" AI stack, Truist analysts write in a note. The analysts expect businesses will approach model choice pragmatically, opting for lower-cost models for simple tasks, frontier models for more difficult problems, and customized open-weight models trained on proprietary data. "The broader implication is that enterprise AI is becoming modular. We expect enterprises to assemble AI systems from interchangeable components-multiple frontier models, proprietary data products, customized open models, orchestration software, governance and security layers, and inference infrastructure," the analysts write. "In our view, the companies that coordinate this increasingly complex ecosystem capture more durable value than those supplying any single component." (elias.schisgall@wsj.com)

1109 ET - Expanding AI data centers have a growing impact on municipal bond markets, spurring issuance while presenting new risks, LPL Financial's Lawrence Gillum and Brian Booe say in a note. Power-hungry data centers require grid upgrades, leading to an increase of more than 25% in electric power issuance so far this year. "The gas prepayment sector, long a niche, has grown to more than 5% of the municipal index with roughly $100 billion outstanding," Gillum and Booe say. Host communities can benefit from an increased tax base. However, backlash against higher utility bills associated with data centers represents a risk, they say. (paulo.trevisani@wsj.com; @ptrevisani)

0946 ET - ASML Holding's productivity gives it a competitive edge over new rivals, Bank of America analysts write in a note. Investor interest in alternatives to the Dutch supplier of semiconductor-making equipment continues to grow, they say. However, the proliferation of lithography start-ups is evidence of ASML's strategic importance rather than a sign of weakness, they add. Lithography--which refers to the technique that makes it possible to manufacture chips--has become the main obstacle to increasing advanced capacity, they note. "ASML's strongest defense is not preventing alternative technologies from emerging, but continuing to raise scanner productivity, overlay accuracy and reliability faster than competitors can close the gap." Shares are up 2.9% at 1,558 euros. (najat.kantouar@wsj.com)

0001 ET - With the takeoff of agentic AI earlier this year, the central processing unit market is set for faster growth and could become the new growth driver for TSMC, Bernstein analysts say in a research note. The analysts now expect TSMC's CPU revenue to hit the high $30 billion range in 2027, making up a mid-teen percentage of its total revenue. As a result, CPUs could be as significant as AI accelerators, including both GPUs and ASICs, in terms of wafer revenue contribution in 2027. Bernstein raises TSMC's target price to 3,300 New Taiwan dollars from NT$2,780 and notes that its valuation is cheap compared with peers. Shares last traded at NT$2,400.00. (sherry.qin@wsj.com)

2217 ET - Axiata is likely shifting its asset monetization stance towards optimizing value over a longer period, which could delay the divestment of its infrastructure assets, Maybank IB analyst Tan Chi Wei says in a note. The company had previously targeted the sale of its edotco and Linknet in 2026. Tan notes company's earnings recovery and eventual balance-sheet improvement are potential re-rating drivers, with its dividend commitment seen as sustainable at an assumed 0.11 ringgit per share in 2026, with an implied yield of about 5.5%. Maybank maintains a buy rating on Axiata and keeps target price at 2.90 ringgit. Shares are 0.5% higher at 1.92 ringgit. (yingxian.wong@wsj.com)

2144 ET - Malaysia's semiconductor sector could witness an uneven recovery amid a cautiously optimistic outlook despite robust global semiconductor sales growth driven by strong AI demand, TA Securities analyst Chan Mun Chun says in a note. Growth is expected to be led by companies exposed to AI and data-center infrastructure. Players with significant exposure to traditional end markets such as computers and smartphones may face a more challenging environment due to rising memory costs, he reckons. Geopolitical tensions and potential ringgit appreciation are also key risks to the sector's growth outlook, he adds. TA Securities maintains a neutral rating on Malaysia's semiconductor sector. It pegs Dagang NeXchange as its top pick, as its semiconductor unit, SilTerra, is seen benefiting from strong silicon-photonics orders amid growing AI and data-center demand.(yingxian.wong@wsj.com)

2137 ET - Malaysia's technology sector could see several near-term rerating catalysts in 2H, including an earnings upgrade cycle and potential inclusion of technology stocks if the KLCI expands to 50 constituents from 30, CIMB Securities analyst Mohd Shanaz Noor Azam says in a note. Ringgit depreciation against the dollar and election-related developments could also support investor sentiment and further P/E multiple expansion, he says. Artificial-intelligence infrastructure demand remains a key growth driver, with Vitrox, Malaysian Pacific Industries, Inari Amertron and Nationgate seen as beneficiaries. The Wolfspeed-Liteon partnership also reinforces AI-driven silicon carbide adoption, benefiting Malaysian power-management players such as Malaysian Pacific Industries, he adds. He prefers companies converting AI demand into orders and recurring revenue. CIMB maintains an overweight rating on Malaysia's tech sector. (yingxian.wong@wsj.com)

2052 ET - Life360's bull at Citi sees a number of positives from its latest quarterly update despite the disappointing lack of an earnings guidance upgrade. Analyst Siraj Ahmed flags strong growth in paying subscribers, a pickup in international user growth, a better-than-expected Ebitda margin, and U.S. price rises linked to the location-app developer's launch of its pet tracker product. However, June-quarter advertising gross margin fell short of Ahmed's forecast. He tells clients in a note that Life360's unchanged Ebitda guidance means that its 3Q earnings could miss consensus by a distance. Citi has a last-published buy rating on Life360's U.S.-listed stock. Its ASX-listed stock is down 14% at 25.38 Australian dollars. (stuart.condie@wsj.com)

1930 ET - Shares in SGH are likely to fall after lower-than-expected FY27 guidance, Barrenjoey says. ASX-listed industrial conglomerate SGH issued FY27 guidance for flat to low-single-digit EBIT growth. That is below consensus for 3% growth--or 5% growth versus the new FY26 base--says the Australian investment bank. SGH reported FY26 EBIT growth of 1%, at the bottom end of guidance. Coates is the driver of the slightly softer result, Barrenjoey says. "On the positive side, operating cash flow was better" than expected--up 7% versus consensus--resulting in net debt of A$3.7 billion coming in lower than expected, it says. Barrenjoey has an "overweight" rating and A$55.00 target on SGH. Shares ended Monday at A$46.34.