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.

0810 GMT - ITV's total advertising revenue outlook for the third quarter is disappointing, Bernstein analysts write in a note. The U.K. broadcaster anticipates total advertising revenue to drop around 5% in the third quarter despite a solid performance in July thanks to the FIFA World Cup. Additionally, "no associated cost program has yet been announced as the group assess if this is phasing or not," they say. Nonetheless, the London-listed company's second-quarter results came in line with expectations and guidance, they note. Shares are down 0.9% at 74.60 pence. (najat.kantouar@wsj.com)

0719 GMT - Bitcoin falls slightly as investors digest corporate earnings and remain cautious over the U.S.-Iran conflict. Apple and Amazon both reported stronger-than-expected quarterly revenues overnight. Amazon's shares rose but Apple fell as it forecast weaker sales growth. Crypto hoarding firm Strategy swung to a second-quarter loss, citing bitcoin's decline and "muted bitcoin sentiment and market skepticism." Meanwhile, U.S. officials said Hamas has agreed to a broad plan to disarm but acknowledged many challenges ahead. The news comes after the U.S. said it launched a heavy wave of strikes in Iran Thursday. Bitcoin falls 1.0% to $64,062, LSEG data show. (renae.dyer@wsj.com)

0551 GMT - Universal Music Group's second-quarter results didn't deliver the catch-up many hoped for after weakness in the first quarter, and look underwhelming at all levels, Bernstein analysts say in a research note. The music company behind Lady Gaga and Taylor Swift posted a 6.7% increase in second-quarter subscription revenue excluding the Downtown acquisition, below both consensus estimates of 9.3% and the 7.9% rise posted for the first quarter, the analysts say. This suggests the expected sequential improvement in subscription revenue growth will be delayed to the second half, they add. Adjusted Ebitda also missed expectations. Bernstein cuts its target price on UMG to 24.50 euros from 29 euros. (adria.calatayud@wsj.com)

0433 GMT - Apple is expected to continue outperforming the broader industry despite a challenging second-half outlook for smartphones, according to Counterpoint Research's Tarun Pathak. Rising storage and component costs are pushing Android manufacturers to raise prices. However, Apple's large active installed base and positive early market response to Siri AI will help it maintain an advantage across its core hardware categories, he reckons. While many device makers are struggling to balance profit margins with shipment volumes, Apple has so far avoided this trade-off, he adds. (jie.yang@wsj.com)

0105 GMT - WiseTech Global's bull at Macquarie thinks the logistics-software provider's fiscal 2027 guidance might be stronger than consensus forecasts. With an unchanged outperform rating on the stock, one of the investment bank's analysts tells clients in a note that industry participants have told them that the transitional pricing arrangement that WiseTech installed as a bridge to its new commercial model is rolling off. The analyst reminds clients that the arrangement was effectively a rebate to customers. On this basis there could be minor upside to current market revenue expectations. The analyst adds that industry sources also suggest there could be additional cost savings in areas including sales and marketing. Macquarie cuts its target price 52% to 47.10 Australian dollars, reflecting more caution on the U.S. rollout of its container optimization product. Shares are down 4.7% at A$36.11. (stuart.condie@wsj.com)

2223 GMT - Apple's supply constraints are mainly around advanced semiconductor nodes, and are driven by demand for iPhones and Macs exceeding the company's projections, CEO Tim Cook says on a call. "It's a demand forecast issue, to be candid, where the iPhone and the Mac are both doing remarkably better than we thought they would do," Cook says. "This isn't a partner or supplier issue." The supply constraints represent one headwind to the company's fourth-quarter growth, which Apple forecast below Wall Street expectations. Shares are down 6.5% after the bell. (elias.schisgall@wsj.com)

2219 GMT - More suppliers of DRAM memory technology would be better for Apple, CEO Tim Cook tells analysts on a call. "Primarily, the DRAM market has three suppliers. And obviously, if there were more suppliers, that would be good," Cook says. "It would help us on the supply side and perhaps the pricing side." Apple and tech peers have been grappling with soaring memory costs, which Cook says are expected to keep rising into the fourth quarter and beyond. He does not address a report last week in The Wall Street Journal that Apple is lobbying the White House to allow it to use memory chips from two Chinese suppliers. "We're evaluating all options," Cook says. (elias.schisgall@wsj.com)

2208 GMT - Apple guides for 4Q revenue growth between 9% and 11%, below Wall Street's consensus. The outlook includes the impacts of supply constraints, which are expected to significantly worsen in the fourth quarter, as well as a 2.5 percentage point headwind from foreign exchange rates. Apple's guidance represents a quarter-over-quarter deceleration in revenue growth, which was about 16% in the most recent quarter. Analysts polled by FactSet currently expect $114.87 billion in the fourth quarter, representing about 12% growth. Shares in Apple are down 6.7% after-hours. (elias.schisgall@wsj.com)

2059 GMT - Shares in Apple fall 4.3% after-hours, even as the company reports a record third quarter with revenue up 16%. IPhone sales were up 21%, and earnings per share rose 29% to $2.02, boosted by an 11 cent impact from tariff refunds. The after-hours slip pulls back some of 15% gain Apple has enjoyed over the past month, with investors seeing the stock as a safe name in the technology sector with comparatively low capital expenditures, according to The Wall Street Journal. (elias.schisgall@wsj.com)

1844 GMT - One of the biggest takeaways from Microsoft's F4Q is the company's vision to be the "Switzerland" of AI, providing a harness that can work across many different AI models, according to Benchmark's Yi Fu Lee in a note. This is a departure from the widespread investor view that the competition in AI is who can develop the strongest model, Lee says. "Rather than forcing customers to select a single AI provider, the company is building the orchestration, governance, memory, and context layer that sits above the model ecosystem," he says. "Microsoft, we believe is in pole position to capitalize on being the neutral party or the Switzerland of AI model orchestration serving up the best model for customers to get the job done in the most cost effective manner based on the specification." (elias.schisgall@wsj.com)

1822 GMT - Microsoft's recent earnings should be conclusive proof that the AI infrastructure buildout has not overextended itself, Benchmark analyst Yi Fu Lee writes in a note. "The number one investor pushback we receive is concern of AI infrastructure build out overcapacity," Lee says, citing reports of Meta considering selling excess computing power. But the strong showing from Azure--43% growth that continues to accelerate and demand continuing to exceed capacity--"puts this debate to rest," Lee says. "The company has great AI/Cloud customer pipeline visibility and the observation that any new capacity brought online is utilized serves as proof. We believe this reinforces our longstanding view that Azure growth remains constrained by supply availability rather than demand." Microsoft jumps 17%. (elias.schisgall@wsj.com)

1754 GMT - Fair Isaac tumbles 16% as investors worry that VantageScore, a credit-scoring alternative, could put pressure on FICO, UBS analysts say. The Federal Housing Finance Agency has approved VantageScore to be used for mortgages backed by Fannie Mae and Freddie Mac. Since FICO has been the dominant credit score for lenders, this could pressure FICO to lower its prices or lose customers. Credit bureaus such as Equifax have recently said VantageScore adoption is gaining momentum, the analysts say. They expect challenges from VantageScore are unlikely to subside, given these developments.