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.

1310 GMT - Bitcoin finding its highest levels since May is reshaping how investors are evaluating overall markets. "This year's quiet patch in crypto never reflected a loss of belief in the asset class," says Nigel Green of deVere Group in a note. "It reflected liquidity being pulled elsewhere, into an overheated AI and semiconductor trade." The timing of this while bitcoin has been stuck in rangebound trade all summer is creating the explosive movement, Green adds. "Every one of those pressures is now easing at the same time, and Bitcoin is repricing accordingly." Bitcoin is up 6.2% to $77,194, according to LSEG data. Ethereum rises 2.9% to $2,385, XRP is up 10.8% to $1.37, and solana is up 3.7% to $90.76. (kirk.maltais@wsj.com)

0940 GMT - U.S. stocks linked to cryptocurrencies continue to rise premarket, spurred higher by a surge in bitcoin and ethereum. Investors are increasingly confident in the regulatory outlook for crypto in the U.S., even if the crypto-friendly Clarity Act doesn't pass, Bernstein analyst Gautam Chhugani writes. "The industry expects accelerated rule making for supporting native crypto tokens, tokenized equities, perpetual futures" and other crypto-related activities, Chhugani says. Bitcoin trades up 6.6% at $77,794.84, while ethereum adds 2.7% at $2,389.07. Bitcoin-hoarder Strategy jumps 9.3% premarket, on pace to rise by over 30% since market close Tuesday. Crypto exchanges also gain, with Coinbase and Hyperliquid Strategies rising 6.2% and 3.2%, respectively. Robinhood Markets adds 5.1%.(josephmichael.stonor@wsj.com)

0837 GMT - Alibaba Group is likely to benefit from its artificial-intelligence cloud business, according to Daiwa analyst John Choi in a research note. Losses at its AI labs and applications as well as all other segments will peak this quarter, the analyst says. Daiwa estimates AI labs and apps will see losses decline sequentially thanks to better model training efficiency, improved inference efficiency and lower marketing intensity, he says. Daiwa keeps a buy rating and raises the target price for Alibaba's ADRs to $185.00 from $180.00. The ADRs last closed at $130.53.