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.

1418 ET - Hut 8's latest AI infrastructure deal represents a major step up in revenue quality and long‑term stability, Mark Palmer of Benchmark says. He believes the benefits aren't just in the size of the agreement, but the discipline behind negotiating it. "Management didn't rush to monetize the company's valuable power assets during the early phase of the AI infrastructure land-grab, when pricing, structure, and counterparties were less favorable," he says. Instead, they waited for a structure that met its return requirements and strategic goals, according to Palmer. (adriano.marchese@wsj.com)

1356 ET - Microsoft is set to have a massive 2026, Wedbush analysts say in a research note. They believe the Street is underestimating Azure's growth potential, and that the stock has yet to price in the company's next wave of cloud- and AI-based growth. "Our recent partner checks have been incrementally strong around Copilot and Azure deployments with Microsoft customers," the analysts write, noting this strength could boost the company's top line by as much as around $25 billion next year. "Our thesis remains that the cloud and AI monetization is going to comprise a bigger and bigger piece of Redmond going forward and will ultimately spur growth and margins over the coming years," they write, calling Microsoft the clear front-runner in enterprise hyper-scale AI. (connor.hart@wsj.com)

1330 ET - Intersect is selling a portion of its assets to existing investors which will be run as a separate company. The data center infrastructure provider announced the move as part of its acquisition by Google's parent Alphabet, which already owns a minority stake in Intersect. Intersect's existing assets in Texas and its operating and in-development assets in California wouldn't be included in its $4.75 billion acquisition, according to Alphabet. Those assets will be supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. Intersect says the company will continue to build billions of dollars in new assets, including the world's largest battery energy storage system. (katherine.hamilton@wsj.com)

1325 ET - Hut 8's new AI and high‑performance computing deal at its River Bend site marks a major shift in the company's strategy, says Mark Palmer of Benchmark, noting that it transforms the company from crypto‑focused power owner to a broader digital infrastructure platform. The agreement stands out because of its strong economics, long‑term cash flow support, and the involvement of Anthropic, Fluidstack, and Google, Palmer says. Benchmark values this first phase at roughly $7.6 billion and raises its price target on HUT to $85 from $78, backed by the River Bend lease, potential future expansion of up to 1,000 megawatts, Hut 8's stake in American Bitcoin Corp., as well as its own bitcoin holdings. Hut 8 surges 17% to $51.86. (adriano.marchese@wsj.com)

1310 ET - Lionsgate Studios is set up for a strong holiday season and 2026 thanks to a solid slate of movies, Benchmark analyst Matthew Harrigan says. "The Housemaid" starring Amanda Seyfried and Sydney Sweeney is on track for a high return, given its relatively low budget of around $35 million, Harrigan says. It's benefiting from strong pop-culture appeal, especially among women and people 25 years of age or older. In the coming year the studio also has slated a Michael Jackson biopic and a "Hunger Games" prequel, Harrigan says. Lionsgate shares touched a 52-week high of $8.75 on Dec. 17, and are up 21% in the past three months. (katherine.hamilton@wsj.com)

1150 ET -- Canada's mobile carriers may not be competing as hard on price this Boxing Day, says CIBC's Stephanie Price. She notes that telecoms have launched early Boxing Week promotions this week, with the incumbent discount brands dropping pricing to the C$40 level from C$45 last week, and slightly above the C$39 offers in the market this time last year and C$36 offers during Black Friday. She notes that the discount banner brands have eliminated their high-tier plans, reduced prices and increased data allotments, mirroring last year's promotions, but with more emphasis on data-allotment increases this year. "We continue to view the pricing environment as incrementally less competitive," she adds. (adriano.marchese@wsj.com)

1014 ET - Paramount Skydance is willing to bet $5.8 billion that an acquisition of Warner Bros. Discovery won't be blocked by regulators. That figure, which Paramount raised from an initial $5 billion, now matches Netflix's unusually high termination provision. Netflix's deal is expected to face intense antitrust scrutiny, with the Justice Department already weighing how the tie-up would further cement Netflix's dominance in the media industry. Paramount climbs 6%, while Warner Bros. Discovery gains 3%. (connor.hart@wsj.com)

0852 ET - Companies in the AI field could face 'valuation dispersion' over the coming years, Morgan Stanley strategists say in a note. Companies that use AI to improve their productivity and lower costs are likely to "re-rate higher while others fall behind", the strategists say. (miriam.mukuru@wsj.com)

0843 ET - Paramount Skydance is amending its bid for Warner Bros. Discovery, continuing its attempt to beat out Netflix to acquire the entertainment company. Paramount says billionaire Larry Ellison is agreeing to personally guarantee $40.4 billion of equity financing for the deal and publish records related to the family trust that backstops the deal. Paramount is offering $77.9 billion, or $30 a share, for all of Warner Bros. Discovery, compared with Netflix's $72 billion proposal for its studios and streaming assets. Paramount and Warner Bros. Discovery climb 3.4% and 4%, respectively, while Netflix edges 0.4% higher. (connor.hart@wsj.com)

0734 ET - The European Commission says it welcomes the recently released beta version of Apple's iOS 26.3 operating system. The watchdog says that developers can now test interoperability with two new features that came up as part of an EU investigation into the company's terms for connected devices such as smartwatches in March this year under the Digital Markets Act. "The DMA creates new opportunities for developers to bring to market innovative products and services in Europe," says a spokesperson. "This is another step towards a more inter-connected digital ecosystem to the benefit of all EU citizens," the spokesperson says. (edith.hancock@wsj.com)

0516 ET - South Korea's equity market is set for further gains in 2026, underpinned by continued strength in technology stocks, though returns are likely to moderate, Capital Economics says in a note. The key driver in its rally has been the country's exposure to the global AI-led rally, Asia economist Gareth Leather says, adding that he expects the sector to remain the principal driver next year. Domestic demand, however, is likely to continue facing challenges, pressured by a downturn in property construction and household deleveraging. Capital Economics forecasts the benchmark Kospi to rise by about 10% in 2026 to around 4500. (jason.chau@wsj.com)

0416 ET - Shares of European semiconductor companies rise after Friday's U.S. tech-rally, driven by a potential Oracle-TikTok deal. Oracle might host TikTok's U.S. user data under a new U.S.-China arrangement that allows the app to continue operating in the U.S. "The deal is yet to be approved," Swissquote's Ipek Ozkardeskaya writes in a note. If completed, Oracle would store and secure the data on its cloud infrastructure and oversee cybersecurity and algorithm-safety measures, she says. Ultimately, the deal gives Oracle a strategic foothold in a high-growth digital platform, strengthening its growth narrative, she adds. Shares of ASM International are up 0.5%. German chip maker Infineon Technologies trades 2.4% higher and STMicroelectronics, which supplies Apple and Tesla, is up 0.3%. Meanwhile, BE Semiconductor Industries shares are trading 0.9% higher. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

December 22, 2025 16:50 ET (21:50 GMT)

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