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.

0333 GMT - Morningstar says it likes cheaply-valued semiconductor stocks with secular growth prospects as chip stocks' valuations have become stretched. The brokerage likes TSMC, Advantest and Sino-American Silicon Products, analyst Phelix Lee says in a note. While TSMC's gross margin is lower than that of SK Hynix, its broader market exposure and unparalleled pricing power on cutting-edge chips offer a better long-term risk/reward outlook, he says. TSMC's shares, currently trading at 22 times 2027 P/E, appear undervalued given its dominant foundry position. Meanwhile, SAS could be "an underrated gem" as its subsidiary GlobalWafers is expanding globally to benefit from growing silicon wafer demand. Memory stocks, however, are overvalued, Lee says and disagrees with optimistic expectations of lower cyclicality. (sherry.qin@wsj.com)

0145 GMT - SGH's planned share buyback offers shareholders clarity on how the company could allocate cash should its bid for BlueScope Steel not proceed, Macquarie says. "A buyback is a credible backstop, but we think M&A intent remains," says the bank. SGH said it could buy up to A$500 million in stock under the program. Macquarie factors in A$200 million in stock purchases in FY 2027, although says "this level would stretch the SGH balance sheet if the bid were to continue." The bank expects little of the buyback will happen if the BlueScope bid gains momentum. Macquarie has an outperform rating on SGH. It raises its target to A$51.25 from A$50.35, citing earnings adjustments. Shares are down 0.5% at A$44.33. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1502 GMT - Bitcoin prices appear to be rangebound, says analysts with Bitfinex in a note. "Bitcoin continues to trade within its established limbo of $62,500-$72,000 consolidation zone, with neither bulls nor bears firmly in control," says the firm. Bitcoin is currently trading up 1.7% to $64,871, according to LSEG. Factors like the reopening of the Strait of Hormuz seem to no longer be a force strong enough to pull bitcoin below that resistance point, but other factors look to prevent bitcoin breaking out of this range. "While the floor remains intact, two key bull criteria: consistent ETF inflows and a stabilization of the derivatives market are unfulfilled," says Bitfinex. (kirk.maltais@wsj.com)

1418 GMT - The frequency of bitcoin transactions is at its highest since 2024, say analysts with CryptoQuant in a note. That's despite hedge fund money continuing to flee bitcoin. "The above-trend regime has been sustained since late March 2026, creating a divergence with ongoing price weakness," says CryptoQuant. But the average size of transactions is far smaller than what's been typical in previous years. "Micro-transactions below 0.01 BTC now represent 80% of all daily transactions, up from under 50% in 2023," says the firm. "The sub-0.001 BTC and sub-0.01 BTC cohorts have each skyrocketed in 2026, approaching the prior 2024 peak." Bitcoin is up 2.5% to $65,363. (kirk.maltais@wsj.com)

1401 GMT - Major cryptocurrencies are higher after mediators for the U.S. and Iran said a line of communication between the two countries had been established following a rocky weekend. "Initial talks between U.S. and Iranian officials were described as constructive," says analyst Ramy Zeytouni in a note. "While tensions have not disappeared completely, the prospect of a diplomatic solution has improved risk appetite and could help reduce inflation concerns." Bitcoin is up 2.7% to $65,504, ethereum rises 3.2% to $1,773, and XRP is up 1.9% to $1.16. (kirk.maltais@wsj.com)

1213 GMT - A surge in Getty Images appears to be pulling up shares of merger partner Shutterstock. Getty Images more than doubles in the premarket after announcing a display agreement with OpenAI. Getty says the agreement enables the use of Getty Images' content for display within ChatGPT, enhancing visual responses. "High-quality, licensed visual content makes AI-powered search and discovery more useful and more trustworthy," Getty Chief Executive Craig Peters says. "This partnership with OpenAI reflects a shared recognition of that." Shutterstock, which is in the midst of a $3.7 billion merger with Getty Images, is up 20% premarket. (connor.hart@wsj.com)

1052 GMT - ASML's order book is likely full for calendar year 2027, Bank of America analysts write. The Dutch manufacturer of semiconductor-making equipment is set to provide an outlook for orders when it reports second-quarter earnings on July 15. Higher uptake of ASML's most advanced lithography machines will allow the company to take a greater share of clients' spending, while manufacturing efficiencies will increase profit margins, the analysts say. Slow progress for Chinese competitors also bodes well for ASML, they say. The analysts increase their price target for the stock to 2,022 euros. Shares rise 1.9% to 1,698.4 euros. (josephmichael.stonor@wsj.com)

1028 GMT - Infineon Technologies is best-placed to benefit from the rising clamor for power semiconductors, Bernstein analysts write. The huge energy demands of AI data centers and the rising price of power technology mean that the German analog chip maker's key market will expand significantly between now and 2030, they say. Demand for power semiconductors--the chips that process electricity, as opposed to the information-processing chips made by companies like Taiwan Semiconductor Manufacturing Company-- is set to surpass supply, driving up prices and benefiting Infineon's pricing power, the analysts write. "Infineon is a key beneficiary of power semis, given its high exposure and strong market leadership." The analysts increase their forecasts for adjusted diluted earnings per share and margins over the next three years. Infineon shares rise 5.1%. (josephmichael.stonor@wsj.com)

1015 GMT - RELX's upcoming first-half results should show robust underlying trends, but uncertainty over the Middle East conflict remains, Bernstein analysts write in a note. The information-and-analytics group is due to publish its results on July 23. While the company has limited exposure to the Middle East, it still needs to comment on the impact, the analysts say. As RELX had previously indicated, events scheduled for the second quarter in the region have been postponed to the second half and are still expected to take place, even though the situation remains uncertain. Additionally, its events in the second half are expected to see a decline in attendance and revenue, they say. Shares are down 0.8% at 23.58 pounds. (najat.kantouar@wsj.com)

0901 GMT - The tech sector is propelling both the Chinese economy and the equity market, Goldman Sachs says in a research note. "Although policymakers have shown some concerns over the latest weakness in consumption growth, policy signals still point to unwavering support for tech and AI," GS says. For example, the National Bureau of Statistics touted China's technological advances in areas such as optical quantum computing during its press conference after the May data release, GS notes. Meanwhile, even though the Shanghai Composite Index has been largely flat year to date, the IT sector index has rallied by over 50%, GS adds. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

June 23, 2026 04:20 ET (08:20 GMT)

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