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.

1509 ET - Amazon and Roku's exclusive deal to pool their addressable audiences for advertisers shows that competition in the connected-TV advertising market is heating up, Benchmark analyst Daniel Kurnos said in a research note. The move is Amazon's most significant pivot toward expanding its demand-side platform for ad buying across the connected-TV universe, the analyst says. It also comes alongside Netflix's announcement that it has partnered with Yahoo's demand-side platform, providing Netflix's ad-supported inventory to Yahoo's platform clients. Kurnos believes the new deals are being done with favorable economics that scale over time. (dean.seal@wsj.com)

1428 ET - Despite disruptions in supply chains and the broader commerce space, Shopify looks surprisingly resilient, D.A. Davidson analysts say in a note. The company's year-over-year merchant growth has accelerated in recent weeks after bottoming in February, showing it could weather a less supportive macroeconomic environment as it draws in merchants from other platforms, the analysts say. Shopify has historically grown its merchant base in times of significant disruption, including 2008, the COVID-19 pandemic and Brexit, showing the company's growing role as a key strategic partner for merchants, the analysts say.(kelly.cloonan@wsj.com)

1415 ET - Piper Sandler says Advanced Micro Devices caught up with the investment community last week after showcasing upcoming artificial-intelligence hardware that aims to position the company's chips as a realistic alternative to Nvidia's. One of the key takeaways analysts say in a research note, is that AMD appears to be engaged in a strong relationship with Amazon. "The relationship spans CPUs + GPUs and Amazon is likely to announce the relationship at its own discretion," the analysts write. They say there was some speculation about this in the investor community. AMD climbs 10%. (connor.hart@wsj.com)

1413 ET - CoreWeave is trading at a premium, but peaking AI investments and a need for debt funding could pose risks, BofA analysts say, downgrading the stock to neutral from buy. Shares are trading at roughly 25 times CoreWeave's projected earnings before interest and tax in 2027. The analysts believe much of the near-term upside has been priced in. They also think companies like ChatGPT will slow investments in AI infrastructure, as spending is expected to grow 4% in 2027 compared with 65% in 2025. CoreWeave also needs debt financing to keep growing: it has been funding 85% of its capital expenditures with debt. Shares rise 5.8%. (katherine.hamilton@wsj.com)

1154 ET - Piper Sandler analysts are optimistic about Advanced Micro Devices' long-term prospects. The chip maker said last week at its Advancing AI event that it can meet surging demand for artificial-intelligence hardware, showcasing upcoming product launches that aim to position the company as a realistic alternative to Nvidia. "We feel that while AMD is going through some near-term digestion and some unfortunate geopolitical events, the company appears to be well set to show growth starting 2H25, namely the Sept 25 quarter," Piper Sandler analysts write. "We expect major traction for the company starting Dec 25 quarter." The bank maintains its overweight rating and raises AMD's price target to $140 from $116.16. AMD shares rise 9.5% to $127.23. (connor.hart@wsj.com)

1106 ET - Roku's new partnership with Amazon allowing advertisers to buy Roku inventory through Amazon's demand-side platform, will give advertisers more comprehensive platform level data, and thus better targeting capabilities, JPMorgan says in a research note. The analysts say advertisers will have visibility into every channel on the Roku platform. At the same time, Roku won't be prevented from entering other advertising agreements. The partnership will go live during 4Q, meaning that some revenue will hit Roku's top line this year. However, the boost is likely to be a gradual ramp and not a step-function increase, the analysts say. Roku surges 10%. (connor.hart@wsj.com)

1059 ET - Warner Brothers Discovery will have greater flexibility to invigorate its studio business and make it more attractive amid plans to split itself up, BofA Securities analysts say in a research note. The media and entertainment company earlier this month disclosed plans to split into two standalone publicly traded companies, separating its HBO Max streaming service, movie studio and TV production business from its cable networks. The analysts view Warner Bros. Studio as the crown jewel of all studios in media, and see the split making it a more attractive target for other companies seeking scale. As for the linear cable business, they believe value creation opportunities remain underappreciated at current valuations and under the right structure despite existing challenges within the ecosystem. Shares rise 4.2% to $10.46. (denny.jacob@wsj.com; @pennedbyden)

0434 ET - BT Group's lack of sustained robust performance could represent a risk for investors, ING analyst Jan Frederik Slijkerman writes in a note. The London-listed company is making progress to improve performance, he says. However, in the absence of solid long-term results, shareholders' actions might be hit, he adds. The potential carve-out of Openreach, a telecom company owned by BT, remains a concern too, he says. Shares are up 1.3% at 186.55 pence. (najat.kantouar@wsj.com)

0327 ET - UMS Integration seems to be boosting market engagement ahead of its dual-listing in Bursa Malaysia, UOB Kay Hian's John Cheong says in a research report. Based on the Singapore-listed company's non-deal roadshow with the brokerage's institutional customers in Malaysia, UMS Integration is seeking to improve its market awareness among Malaysia's investment community. The company's dual-listing in Bursa Malaysia is on track to begin in late July, after which UMS Integration hopes its valuation gap with its Malaysian peers could narrow, the analyst notes. The brokerage has a buy rating and a target price of S$1.32 on the shares, which are 0.8% higher at S$1.22. (ronnie.harui@wsj.com)

2204 ET - The medium-term investment case for China's private companies has improved amid a more supportive economic backdrop and policy drivers, Goldman Sachs analysts say in a research note. China has one of the lowest market concentration ratios with top 10 companies representing 17% of the total listed market cap, compared with 33% in the U.S, they say. China's existing market leaders, including Tencent, Alibaba, and Xiaomi, have the potential to become more dominant in the stock market, they say. These companies embody GS's preferred investment themes of AI development, self-sufficiency, and global expansion, among others. GS analysts expect the 10 stocks, with a total market cap of US$1.6 trillion, to grow their earnings by 13% in the next two years. (sherry.qin@wsj.com)

2128 ET - Axiata's sale of its Myanmar tower unit for US$90 million, though lower than the initially proposed US$150 million, clears the path for broader monetization of its 63% stake in telecom tower unit Edotco, says CIMB Securities analyst Foong Choong Chen. With the Myanmar deal finally closed after prolonged delays, Axiata is now evaluating asset monetization options for Edotco, attracting interest from multiple investors, he notes. Foong sees the asset monetization initiatives as key re-rating catalysts over the next 12 to 18 months. CIMB cuts Axiata's target price to MYR2.55 from MYR2.60 to factor in the lower proceeds from the Myanmar sale, but maintains a buy rating on the stock. Shares are 0.5% higher at MYR2.07. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

June 16, 2025 16:50 ET (20:50 GMT)

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