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.

0725 GMT - Smartphone prices are likely to remain under pressure as memory costs stay elevated, prompting manufacturers to pass higher component expenses on to consumers, according to Counterpoint Research. More than 40% of smartphone models have seen price increases in 2026, marking the first time such a large share of devices has become more expensive, Counterpoint says. Global smartphone retail prices have risen about 15% on average this year, while new models are priced roughly 25% higher than comparable devices introduced a year earlier. Some handsets have seen prices nearly double as rising memory and other component costs push up production expenses, it says. To manage costs, vendors are adjusting specifications and product mixes, while consumers are increasingly delaying upgrades and turning to refurbished devices, it adds. (jie.yang@wsj.com)

0647 GMT - Tencent's AI buildout won't be a perpetual cash burn, Morningstar analyst Ivan Su says in a research note. Tencent's Hy large language model should improve rapidly after procuring large amount of computing power to train it, the analyst notes. If Hy disappoints, the hardware could be rented out to third parties to quickly recoup the steep investment, he says. Still, Su thinks the largest long-term AI potential from Tencent's different applications in advertising, games and WeChat AI agent rather than renting out compute. The analyst thinks Tencent's free cash flow should turn positive in 2027, opening room for larger shares buybacks from that point. Shares are last 2.5% higher at HK$443.80. (sherry.qin@wsj.com)

0632 GMT - Delivery Hero's robust second-quarter results are unlikely to drive an upgrade to Uber's bid, Stifel's Clement Genelot writes in a note. The German food-delivery company showed its ability to revive growth across all its regions, he says. Additionally, the "reinvestment plan in the Middle East is less painful than feared, with Talabat [DH's Middle East subsidiary] having recently upgraded its own full-year 2026 guidance on growth," he notes. However, no offer upgrade should be expected after the company's strong results, he says.(najat.kantouar@wsj.com)

0630 GMT - Global laptop shipments could decline less than previously expected this year as improved CPU supply and steady business demand support the market, TrendForce says. The research firm raises its 2026 outlook and now expects global notebook shipments to decline by a narrower 9.4%, as stronger-than-expected 1H deliveries help offset an expected slowdown in the 2H. However, rising CPU and memory prices continue to pressure laptop makers. TrendForce says key components now account for a much larger share of production costs than a year ago, while inventories purchased at lower prices are gradually running out. As those cost buffers fade, manufacturers may have to choose between raising prices, accepting lower profit margins, or risking weaker demand, it adds. (jie.yang@wsj.com)

0609 GMT - Zegona Communications' underlying cash flow growth could support a new payout policy, Berenberg analysts write in a note. The U.K. telecommunications company now has strong underlying cash flow growth with a 9% cash yield this year, the analysts say. They estimate this will reach 13% by 2030. "The potential payout of all of the company's cash flow via dividends and buybacks under a new payout policy could be announced this month," they add. (najat.kantouar@wsj.com)

0338 GMT - South Korean memory-chip makers are likely to post softer-than-expected 3Q earnings due to the won's strength, Nomura analysts say. The won has strengthened against the dollar since its June peak, weighing on Samsung Electronics and SK Hynix, both of which generate all their revenue in dollars, say the analysts led by CW Chung in a note. A 10% appreciation of the won could reduce the chip makers' profits by 12%, they note. FactSet data show the dollar weakened about 11% against the won over the past three months. Nomura expects Samsung and SK Hynix to post below-consensus operating profits of 107 trillion won and 77 trillion won, respectively, in 3Q. However, Nomura expects the negative foreign-exchange impact to be offset by higher chip prices amid tight supply. (kwanwoo.jun@wsj.com)

0312 GMT - Indonesia will remain predominantly a consumer and adopter of foreign-built AI rather than a producer of frontier capabilities, keeping the government's "global AI player" ambition aspirational, BMI says in a note. The country remains dependent on hyperscaler infrastructure, imported chips and foreign foundation models. AI adoption is expected to rise, supported by favorable demographics, hyperscaler investment and policy momentum. However, persistent digital-talent shortages, uneven connectivity and the widening gap in AI adoption between developed and emerging economies are likely to constrain adoption, BMI says. Power constraints, including a coal-heavy generation mix and grid bottlenecks, could further limit AI infrastructure expansion, it adds. Formalizing the country's national AI road map and ethics regulations remains a key swing factor for governance and investment credibility, BMI says. (yingxian.wong@wsj.com)

0227 GMT - JCET's latest fundraising plan via a private placement is strategically positive despite near-term shares dilution, Citi analysts say in a note. On Thursday, the Chinese chip packaging and testing provider announced 6.5 billion yuan of private placement to fund its advanced packaging expansion. The placement confirms a strong capital spending cycle ahead for JCET, which could exceed 10 billion yuan in 2026 with further growth in 2027 and 2028, they say. JCET's capacity expansion plan should help it capture "China's secular AI-driven advanced packaging growth opportunities," they add. Shares are 2.5% lower at 69.51 yuan. (sherry.qin@wsj.com)

Broadcom is likely trading down after its fourth-quarter outlook implied earnings per share that missed Street consensus, especially given Nvidia's recent blowout quarter, StoneX analyst Cody Acree writes in a note. Nvidia's results and guidance "reset the sector bar much higher last week," Acree says. "Broadcom's recent relative underperformance reduced the hurdle, but the quarter still arrived in a market that is penalizing anything short of a step-function surprise." He adds that despite Broadcom's impressive long-term guidance for AI revenue, investors may be waiting for more signs of execution before putting their full faith in the forecast. Broadcom is down 4.2%. (elias.schisgall@wsj.com)

1547 GMT - Broadcom's outlook for AI semiconductor revenue doubling next year to $115 billion and doubling again in fiscal 2028 likely embeds conservatism around supply, creating room for upside if supply availability improves, JPMorgan analysts write in a note. Assuming that Broadcom, like Nvidia, ships 80% to 85% of its order book, the numbers imply unconstrained AI demand of $145 billion next year and $270 billion the following year. Broadcom has also made progress on customer diversification, the analysts write. "All told, we view Wednesday's results as constructive, with AVGO providing materially better visibility into its AI semiconductor revenue trajectory and we see room for continued upside to the disclosed framework as supply/deployment constraints ease." Shares fall 4.7% (elias.schisgall@wsj.com)

1526 GMT - Under normal circumstances, HPE's third-quarter print would be very solid, Morgan Stanley analysts write in a note. "But in the context of the current environment, where generational strength in enterprise infrastructure spend is driving material beat and raises at peers, tonight's results underwhelmed," the analysts write. HPE's results didn't live up to high buyside expectations and peer results, and point to supply limiting upside in the networking business more than expected, the analysts write. The company's outlook for the next fiscal year was stronger than expected, though, and embedded conservatism in the margin guidance creates some room for upside, the analysts note. Shares fall 5.9%. (elias.schisgall@wsj.com)

1523 GMT--The memory supply environment for HPE hasn't gotten any easier and should stay constrained until the company's fiscal 2028, CFO Marie Myers says in an interview. "Demand far outstrips supply, as we see it today" she says, noting that the price increases for memory may moderate in 2027. "But we don't anticipate any sort of change in the supply environment in the near term here. It's probably more in terms of '28." She adds that HPE still has not seen evidence of cancellations or significant pull-ins from customers, and that the company continues to be disciplined about managing its pricing.