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.

1623 ET - Amid the AI boom, Meta notes that it has to significantly ramp up spending next year. In its 3Q earnings report, Meta CFO Susan Li says the company is still assessing its capacity plans for next year, but it expects "to invest aggressively to meet these needs" both by building its own infrastructure or contracting with third-party cloud companies. She adds that its capex dollar growth will be "notably larger" next year versus 2025, while total expenses will also grow at a faster rate. The second largest contributor to that increase: employee compensation, as its hiring spree for AI talent will fully hit the bottom line. Meta shares fall 8% to $691.55 in late trading.(paul.ziobro@wsj.com)

1034 ET - Uber's business model will likely face significant disruption from the rise of autonomous vehicles, say Wedbush analysts, who add that about 40% of Uber's mobility bookings are most at risk to AVs. "The value of a two-sided marketplace is optimized by extreme supply fragmentation, and Uber/Lyft face a future that will likely include more supply concentration," the analysts say. Right now, the industry is fragmented, according to the analysts, but they believe AV market share will consolidate among a few top players.(nicholas.miller@wsj.com)

1013 ET - Uber is partnering with Nvidia to develop a fleet of robotaxis, but the announcement only highlights that Uber is still behind in the autonomous vehicle race, say Wedbush analysts. The deployment of Stellantis-built vehicles that use Nvidia's autonomous driving software will likely take multiple years, while Tesla and Waymo continue to build AI infrastructure and both have public rides already available in several cities, the analysts say. Tesla may be able to roll out a full robotaxi network within the next year. Uber's partnerships also may be putting its relationship with Waymo at risk since Uber-owned fleets would displace Waymo rides on the Uber platform, the analysts say. (nicholas.miller@wsj.com)

0938 ET - Verizon is at a critical inflection point, new CEO Dan Schulman says on a call with analysts. The telecommunications company has "deep strengths and incredible potential," he says, "but the blunt truth is we haven't captured the customer growth opportunities this strong foundation enables." The company, which continues to shed crucial phone subscribers, plans to fundamentally change its strategic approach. "The only way we can drive sustainable value for our shareholders is by significantly raising our game and winning responsibly in the market," Schulman says. Verizon climbs 3.5% in early trading. (connor.hart@wsj.com)

0819 ET - Caterpillar's engine business was again the standout performer of the equipment maker's quarterly results. A 31% increase in sales of power generators, mostly to data center developers, pushed up 3Q engine segment sales and profit by 17% from the same quarter last year. Caterpillar is expanding production of generators with a $725 million addition to its Lafayette, Indiana plant. Caterpillar up 4.6% premarket. (robert.tita@wsj.com)

0614 ET - ASM International's revenue guidance for the current quarter is below expectations, Jefferies analysts write in a note to investors. The Dutch supplier of semiconductor-making tools is forecasting revenue between 630 million euros and 660 million euros for the fourth quarter. The midpoint of guidance, 645 million euros, is below a Jefferies estimate of 707 million euros, the analysts say. The company expects revenue growth at constant currencies close to 10% in 2025. It also expects revenue growth in 2026 despite a projected slow start. Jefferies analysts say revenue growth next year could prove challenging. ASM International shares trade 1.7% higher at 567.00 euros. (mauro.orru@wsj.com)

0533 ET - ASM International was expected to report lower orders for the third quarter after it warned markets at its investor day in September, Citi analysts write in a research note. The Dutch supplier of semiconductor-making tools booked 636.8 million euros in orders, down 17% on year at constant currencies. The figure is below Visible Alpha consensus of 719 million euros, but in line with a Citi forecast of 630 million euros. "We consider bookings consensus stale given management's comments at its September investor day," the analysts say. ASM International last month cut its top-line guidance for the year due to lower-than-expected demand in some areas of the semiconductor industry. ASM International shares trade 1.8% higher at 567.60 euros. (mauro.orru@wsj.com)

0529 ET - Power-generation growth in Malaysia is likely to lag behind surging demand for data centers in the country, says Linda Zeng, senior analyst at BMI, a unit of Fitch Solutions. Malaysia and Indonesia have been key winners of spillover effects from Singapore's data-center demand, she says at a forum. Additional data-center demand accounted for 20% of Malaysia's net electricity output growth in 2024, and she expects the figure to rise to 90% in 2026. However, she sees a mismatch between data-center demand over the next few years and power-generation growth in Asia. "Malaysia will be particularly under pressure. There's just too many projects in the pipeline," she adds. (megan.cheah@wsj.com)

0406 ET - Fresh detail on Japan's investment pledge boosted Tokyo tech stocks, with SoftBank Group's share price closing 3.9% higher. However, the outline of projects valued around $400 billion offers little clarity on the structure of Japan's pledge to invest $550 billion in the U.S. as part of a trade deal. The official factsheet listed SoftBank as one of the key investors, potentially allocating up to $25 billion toward power infrastructure. A SoftBank spokesperson says the amount hasn't been allocated to any specific projects. With little in the way of details or timeline, markets will be watching for more concrete steps to assess the impact of the investment pledge. (megumi.fujikawa@wsj.com)

0352 ET - Banijay Group's acquisition of Tipico Group increases its exposure to the German gaming market which could prove challenging, Berenberg analysts Anna Patrice and Davide Amorim write in a note. Banijay Group agreed to acquire a majority stake in German sports-betting company Tipico Group in a deal that values the target at 4.6 billion euros, including debt. The analysts note that Germany remains a relatively immature market with regulatory constraints, adding that "current regulations prevent significant market expansion." With online sports betting in Germany expected to grow by only around 2% between 2025 and 2028, achieving the Banijay Gaming unit's double-digit revenue growth target might be difficult, they say. Shares in the French content production and online sports-betting company closed at 10.60 euros on Tuesday. (najat.kantouar@wsj.com)

0207 ET - ZTE Corp.'s domestic carrier business is likely to continue facing a challenging demand outlook, as telecom operators' capital expenditure downcycle continues, Nomura analysts write in a report. The company, which provides integrated information and communication technology solutions, saw 3Q gross profit margin decline 14.5 percentage points on year and 5.0 percentage points on quarter. This reflects product-mix changes and intense competition in China server market, the analysts say. ZTE's margin pressure is also expected to persist due to ongoing higher contributions from general and AI servers, they add. Nomura maintains a neutral rating on the stock with a target price of HK$39.00. Shares last closed at HK$39.56. (amanda.lee@wsj.com)

2240 ET - Initial sales data for the 11.11 shopping festival seems promising, driving UOB Kay Hian to project mid-single-digit growth in 4Q gross merchandise value for China's internet companies. The extended promotional campaigns on major Chinese e-commerce platforms this year should support solid October GMV growth, followed by a slowdown in November due to a higher comparison base, UOB Kay Hian analysts say in a note. China's latest round of 69 billion yuan in subsidies should sustain consumer demand, though appliance sales may ease in 4Q due to a high base. UOB KH maintains an overweight rating on the sector, with Alibaba and Kuaishou as top picks. It maintains buy calls on both, citing Alibaba's monetization strategy at Taobao Tmall Group and Kuaishou's AI monetization potential. Alibaba's H-shares are last at HK$176.72 and Kuaishou shares are last at HK$75.95. (jason.chau@wsj.com)

(END) Dow Jones Newswires

October 29, 2025 16:50 ET (20:50 GMT)

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