The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1715 ET - Arista Networks CEO Jayshree Ullal says the increasingly heterogeneous options for AI chips is driving a shift in the tech industry, benefiting the company's efforts to sell networking solutions to data-center developers. "The industry, we believe, is shifting from compute-centric vertical stack to a holistic network-centric approach," she tells analysts on a call. The move toward decentralized computing for AI inference requires improved networking solutions, she adds. "A well designed network is becoming a foundational cornerstone for optimal token efficiency," Ullal says. Shares jump 14% to $194 after-hours. (elias.schisgall@wsj.com)

1711 ET - Woodside Energy could be tempted to copy Shell by selling a 16.67% stake in the North West Shelf gas-export facility to XRG for US$1.45 billion, contends Macquarie. XRG, of the United Arab Emirates, needs to get approval for the Shell deal from Australia's foreign-investment watchdog. It also needs other parties in the NWS project not to exercise their pre-emption rights. If that happens, then Macquarie sees merit in Woodside replicating the same deal. "This could take XRG to 33.3%, and it could achieve a similar interest in Browse LNG by buying stakes off existing partners," Macquarie says. "This would reduce Woodside's gearing and project equity further, during a capital intensive growth phase." Woodside ended Tuesday at A$32.24. (david.winning@wsj.com; @dwinningWSJ)

1701 ET - XRG's acquisition of Shell's 16.67% stake in the North West Shelf gas-export facility for US$1.45 billion is a positive signal for Woodside Energy, suggests Macquarie. Its price target of A$32.60/share for Woodside includes A$1.19/share for its 50% stake in the NWS project, or US$1.60 billion. So, the XRG deal with Shell implies a US$4.35 billion valuation for Woodside's stake. Macquarie has a neutral call on Woodside, which is due to hold its investor day tomorrow. Woodside ended Tuesday at A$ 32.24. (david.winning@wsj.com; @dwinningWSJ)

1646 ET - Advanced Micro Devices is getting the biggest boost from data centers. Data center revenue nearly doubled in the third quarter, while sales in the company's client, gaming and embedded segments remained roughly flat when taken altogether. Demand has been strengthening for AMD's Epyc data-center microprocessors and Instinct GPUs, the company says. AMD expects growth to accelerate in the current fourth quarter, as it scales production of its Helios computing system and Venice server processor family, both designed for data center use. Shares gain 9% in late trading. (katherine.hamilton@wsj.com)

1642 ET - The governor's race in Texas and ballot initiatives in Ohio will offer investors an early read on the direction of AI regulation following the U.S. midterm elections, BMO analysts say in a research note. Those races are set to show voter sentiment around data centers, they say. The prospects for a continuation of the AI buildout and its contribution to growth could take a hit if there is strong opposition to data centers, the analysts say. "We worry about tech sector valuations in the event of such an outcome," they say, adding, "who knew the midterms could be so exciting." (dean.seal@wsj.com)

1634 ET - Australia stocks look set to edge lower at the open as investors mull the implications of the Reserve Bank's hawkish commentary and wait on results of the U.S. midterms. ASX futures are down by 0.3% ahead of Wednesday's open, suggesting that the S&P/ASX 200 could give back Tuesday's gains. The benchmark index rose 0.3% as the central bank lifted the cash rate to an 18-year high and warned it could increase it further in an effort to control inflation. Ahead of the open, property group Goodman reiterated its annual guidance. In the U.S., the DJIA lost 0.4%, the S&P 500 rose 0.4% and the Nasdaq Composite advanced 0.8%. (stuart.condie@wsj.com)

1554 ET - Apple offers a stark view of the supply environment for computing capacity and technological components like storage and memory in a filing accompanying its most recent earnings release. "The Company is experiencing supply constraints and rising costs driven by industry-wide supply-demand imbalances for key components, including advanced semiconductors, memory and storage," Apple says, adding that it "expects these trends to intensify for memory and storage components." When it comes to compute capacity, Apple says demand has "increased substantially across the technology industry, resulting in constrained supply, extended lead times, and increasing costs." (elias.schisgall@wsj.com)

1425 ET - - Major Gulf stock markets close mixed Tuesday, with Qatar's benchmark gaining 0.2%, Dubai's index edging up 0.1%, Saudi Arabia's Tadawul All Share Index slipping 0.1% and Abu Dhabi's benchmark falling 0.3%. Qatar's gains follow a 4.6% rally Sunday, amid signs of stronger foreign investor interest. Iridium Advisors says Qatar was the only Gulf market to attract net foreign inflows in October, receiving $33 million, while the region recorded $1.15 billion in net outflows. Saudi Arabia accounted for $683 million of the withdrawals, followed by the UAE with $279 million, according to the research firm. (farhan.rafid@wsj.com)

1402 ET - D.R. Horton's woes aren't going away, say Raymond James analysts Buck Horne and Tousley Hyde, who downgrade the stock to underperform. Margins will likely continue to struggle with the company seeing higher finished lot costs, labor constraints and cautious buyers that require significant incentives. The entry-level builder will also see increased competition due to a buildup of re-sale inventory in the Sun Belt. Net absorption has fallen to the lowest levels in almost a decade and the company may not even be able to hit its target for a modest decline in deliveries in fiscal 2027, the analysts say. Shares fall 4.5% to $146.09. (nicholas.miller@wsj.com)

1336 ET - The heist that pulled billions in digital currencies off of crypto exchange Binance wasn't the result of a single compromised laptop, Binance co-CEO Richard Teng tells CNBC. "This is not one single mistake or one click," he says. The attackers, believed to be linked to North Korea, built a fake developer tool and lured a Binance engineer to download it, Teng says. They also used fake job interviews to install malware on employees' devices. From there, they were able to gain access to the system that authorizes wallet transactions, Teng says, noting that the entire process took months. "We are letting the world know, we are pushing for real transparency, because we need to learn together on that front and we need to continue to improve the security as an industry," he says.(elias.schisgall@wsj.com)

1333 ET - Binance co-CEO Richard Teng says the cryptocurrency company is responsible for a breach that let hackers take $6.3 billion from digital wallets on its exchange. "This shouldn't have happened," Teng says on CNBC. "We take full responsibility on that front." He adds that while an internal AI tool was used by the hackers to carry out the heist, AI models also serve as the best line of defense against cyberattacks. Asked why users should continue to trust Binance, he says that the company has closed entry points used by the hackers, rebuilt compromised tools and systems, and scanned its employees' devices. The company has commissioned an independent expert review. "We have done everything we can," he says. (elias.schisgall@wsj.com)

1316 ET - Apple's stronger sales aren't enough to boost earnings, according to Oppenheimer in a note. Higher memory costs, slower Services growth and rising AI costs are limiting profit growth, analyst Martin Yang says. Apple is expecting memory costs to rise beyond the end of this calendar year as protection from lower-cost inventory diminishes, he says. That will squeeze margins. Meanwhile, Services revenue growth is expected to remain single-digit, with foreign exchange, third-party licensing pressure and roughly flat App Store performance crimping the near-term outlook, Yang says. He also adds that near-term costs for AI are more visible than its incremental profit contribution.