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

1027 ET - Revenue in the artificial-intelligence industry could reach $5 trillion by 2036 as models get more capable at performing cognitive tasks, Anthropic CEO Dario Amodei says in a CNBC interview at Davos when asked to give a ballpark estimate for his company's 10-year revenue growth. "It's very hard to say. Anything I say is going to sound totally crazy," Amodei says. "You look at all labor in the economy. That's something like $50 trillion a year. I could easily imagine that the revenue of the industry or even single companies, if it's even 10% of that, could be $5 trillion a year. Now, that's something we haven't seen in the history of the world. That creates all kinds of problems, as well as creating all kinds of growth." (elias.schisgall@wsj.com)

1024 ET - Pearson's announcement of a share buyback ahead of its 2025 results shows confidence in meeting 2026 market expectations, Citi analyst Ciaran Donnelly writes in a note. The FTSE 100 education company launched a 350 million-pound share-buyback program. While the company didn't provide explicit guidance for 2026 in its performance update, this suggests that management is comfortable with current consensus forecasts, he adds. Shares are up 1.6% at 9.53 pounds. (najat.kantouar@wsj.com)

1020 ET - European defense stocks fall after President Trump ruled out taking Greenland, a self-governing autonomous territory within Denmark, by force. Trump told the World Economic Forum in Davos, Switzerland, that he wants to start immediate negotiations for the U.S. to acquire Greenland, saying it was vital to secure North America. In Frankfurt, Hensoldt loses 2.8%. Rheinmetall is down 2.6% and Renk falls 1.55%. In London, BAE Systems is down 0.4%, while Rolls-Royce decreases 1.3%. In Paris, Thales falls 1.3% while Dassault Aviation is down 0.3%. Italy's Leonardo drops 0.8% while Sweden's Saab falls 1%. (cristina.gallardo@wsj.com)

1010 ET - Consumer-facing AI companies aren't sufficiently incentivized to improve the capabilities of their models, Anthropic CEO Dario Amodei says in a CNBC interview at Davos. "If you're optimizing for consumers, you're trying to be as engaging as possible, you're trying to be as entertaining as possible. I actually don't think some of these other models have enough incentive to get smarter, have enough incentive to become capable of more tasks across the board," Amodei says. He estimates that 80% of Anthropic's business is enterprise, adding that enterprise customers are seeking reliability and capability above all else. "We don't have to do ads, we don't have to focus on short-form video, we don't have to focus on maximizing engagement," he says. "Instead, we actually just focus on making our models as smart and as capable as possible." (elias.schisgall@wsj.com)

1002 ET - While Celestica is entering into 2026 with a solid business and management team, TD Cowen's John Shao says investor sentiment is likely closely linked to broader artificial intelligence volatility. In a report, the analyst says that in an ideal scenario, its execution and continuously improving financials should drive the stock's consistent appreciation. "Realistically though, we believe Celestica trade is intricately tied to the broader AI trade which exhibits increasing volatility and fragility," he says. The analyst maintains a hold rating on the stock based on the associated risk, but says the situation remains "highly fluid" and that the rating could change if investor sentiment improves or if volatility drags more on the price of the stock. (adriano.marchese@wsj.com)

1001 ET - Halliburton expects declining sales in 1Q, as it works to rebalance supply to meet sluggish near-term demand. The oil-field service company guides for sales to fall 7% to 9% sequentially across its completion and production division during the current quarter, hurt in part by a slowdown in international activity. And revenue across Halliburton's drilling and evaluation unit is projected to fall 2% to 4% sequentially. CEO Jeff Miller sees 2026 as a rebalancing year, he says on a call with analysts. Longer-term, he expects business to accelerate as macroeconomic conditions improve, and international operations ramp up. Shares rise 4.4%. (connor.hart@wsj.com)

0953 ET - Advertising requires scale, and with roughly 800 million weekly active users, OpenAI is well beyond that threshold, Chief Financial Officer Sarah Friar says at a panel during the World Economic Forum in Davos, Switzerland. "Today 95% of our users for chat GPT are free users, because our mission is artificial generative intelligence for the benefit of humanity, not for the benefit of humanity who can pay. And so in order to create access, I have to create a really strong business model," she adds. Friar highlights that OpenAI will take a principled approach to advertising. Ads won't influence model outputs, users will always receive the best possible answer and OpenAI won't share conversations or sell user data to advertisers. She said that technology is "the ultimate democratizer." (najat.kantouar@wsj.com)

0950 ET - Halliburton CEO Jeff Miller says his phone is ringing off the hook due to the renewed interest in Venezuelan oil. The oil-field service company is currently working through the mechanics required to reenter the country, which Miller expects to occur sooner rather than later. "We still have a footprint there in Venezuela, in terms of operating bases and whatnot, and so getting equipment there to work is fairly straightforward," he says on a call with analysts. "I'm confident that we can move fairly quickly in Venezuela." As far as size, Miller says the Venezuelan oil mark is currently relatively small. But he's optimistic that it can become a much bigger business over the longer term. (connor.hart@wsj.com)

0945 ET - Several European indexes pare back losses while others tick green after President Trump said he won't use "excessive force" to take control of Greenland during his speech at the World Economic Forum in Davos, Switzerland. "We won't get anything unless I use excessive force. But I won't do that," Trump said. The FTSE 100--now up 0.2%--swings into the green, having been down 0.2% as Trump started speaking. In Paris, the CAC 40 also turns green, as it recovers from falling 0.5% earlier, to tick up 0.2%. The European-wide Stoxx 600 index is down 0.2%, after it was down 0.8% when Trump took to the podium. The German DAX, which was down 1.4%, is now down 0.7%. Italy's FTSE MIB recovers slightly from a 1.4% fall to a 0.6% fall, while the IBEX 35 recovers from a 1% fall to a 0.1% fall in Madrid. (josephmichael.stonor@wsj.com)

0944 ET - Halliburton CEO Jeff Miller says Venezuela represents a tremendous opportunity for the company, which provides oil producers with equipment and expertise. "I have always believed that oil and gas is the key to Venezuela's economic recovery," Miller says on a call with analysts. He notes that Halliburton began operating in the country 1938, before exiting in 2019 due to its desire to remain in compliance with U.S. sanctions. "Halliburton knows this market well, and we will grow our business there as soon as commercial and legal terms are resolved, including payment certainty," Miller says. "The early steps are already well underway." (connor.hart@wsj.com)

0941 ET - Netflix's 4Q earnings will likely increase investor scrutiny of its efforts to buy Warner, says Benchmark analyst Daniel Kurnos. The company said that 2026 would include $275 million of M&A-related expenses. Meanwhile, already high levels of content expense "could easily raise questions around just how much Netflix 'needs' Warner rather than would 'like to have' it," Kurnos says. "With higher content spend on the horizon and the risk of a PSKY over-the-top bid + uncertainty around the regulatory outcome, shares are probably trapped for the near-term." Netflix shares fall 4.5%. (nicholas.miller@wsj.com)

0936 ET - Oil prices recoup some losses after President Trump said the U.S. wants to take control of Greenland but would use no force, helping to ease investors' fears of geopolitical turbulence. Brent crude is flat at $64.93 a barrel, while WTI rises 0.2% to $59.84 a barrel. Speaking in Davos, Switzerland, Trump said the U.S. is pursuing negotiations over Greenland and repeated his claim that only America is capable of defending the territory. Earlier, the crude benchmarks had fallen 1.5%,driven by concerns that Trump's push to annex Greenland and fresh tariff threats against Europe could revive trade frictions, weighing on global demand. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

January 21, 2026 10:27 ET (15:27 GMT)

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