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.

1117 ET - Credit spreads on euro investment-grade bonds are expected to stay relatively steady in the near term due to strong fund inflows and healthy corporate earnings, Societe Generale's Juan Valencia says in a note. Euro credit spreads have remained resilient despite global markets volatility due to geopolitical concerns and tech-related worries, Valencia says. Spreads are likely to stay within the current levels unless a major trigger occurs. This could include "a more aggressive corporate releveraging that finally sees some weakening in corporates' ability to service debt," he says. (miriam.mukuru@wsj.com)

1112 ET - High net-worth borrowers using cryptocurrency as collateral for their loans are shifting away from bitcoin reliance, incorporating a wider mix that includes privacy-coin upstart Zcash. According to data from CoinRabbit compiled by CryptoQuant, bitcoin represents 30.5% of the crypto collateral for loans in 2026. That's down from 57.8% last year, with most of that collateral now seen in Zcash. Zcash now represents 24.2% of collateral, versus being essentially zero last year. XRP's share of the collateral mix has grown this year, to 26.9%, and monero now represents 6.2% of the mix, versus 2.6% last year. "ZEC's rise as collateral is related to the sharp price rally that it experienced, growing from $50 in September 2025 to $800 today," says CryptoQuant in its note. (kirk.maltais@wsj.com)

1015 ET - Bitcoin managed to go above $80,000 recently, but encountered friction from there. Bret Kenwell of eToro pegs the new bitcoin resistance level at $82,500, which would be the highest bitcoin has traded since May. But if bitcoin retreats, it shouldn't fall back to the sub-$60k level from earlier this summer, says Kenwell. "On the downside, they'll want the $67K-$70K area to hold as support, keeping BTC above recent resistance and its 50-day and 200-day moving averages," he says. Bitcoin is down 0.3% to $77,184, while other major cryptocurrencies like ethereum turn lower.(kirk.maltais@wsj.com)

0911 ET - Bitcoin is down 0.6% to $76,987, under pressure after Fed Chair Warsh's recent speech that pushed overall market sentiment toward a quarter-point rate hike later this month. Alternative store-of-value assets like gold and bitcoin have been hit by higher Treasury yields, which come at a time known to some in the cryptocurrency space as "Rektember". The month of September is often considered by some as a negative month for bitcoin, although September prices in recent years have been mostly rangebound, according to data from CoinMarketCap. Ethereum falls 1.4% to $2,387, XRP is down 1.7% to $1.33, and solana is off 1.8% to $98.26. (kirk.maltais@wsj.com)

0902 ET - New York Federal Reserve president John Williams says long-term bond yields are driven by the broad strength of the U.S. economy and heavy capital spending on AI. A glut of investment demand for data centers and tech infrastructure is increasing funding costs broadly, Williams tells CNBC. "It's not really about financial conditions affecting the economy, its about the economy affecting financial conditions," he says. Core inflation may be over target, but that excess is driven by high energy prices tied to conflict in the Middle East and tariffs, Williams says. (dean.seal@wsj.com)

0841 ET - Eutelsat Communications' fiscal 2029 revenue target would need substantial growth and therefore looks challenging, Berenberg analysts write. The French satellite communications company wants to increase group revenue to between 1.5 billion and 1.7 billion euros for fiscal 2029, up from 1.24 billion euros for the year ended June 30. Fiscal 2027 revenue is forecast to be flat year-on-year, they say. Berenberg starts coverage on the stock with a hold rating and 2.00 euro target price. Shares are down 0.9% at 1.72 euros. (ian.walker@wsj.com)

0546 ET - Palo Alto Networks notched better-than-expected annual recurring revenue growth in the fiscal fourth quarter, though the software group may struggle to accelerate the growth rate further, Bernstein analysts write. Growth in recurring revenue for its next-generation security products increased by 1% on quarter, excluding acquisitions, the analysts say. The group was supported by growth across the company, even without including fast-growing revenues in its recently acquired businesses. Though annual recurring revenue acceleration "may not be long-lived", organic growth should hold around the 27%-28% range for much of fiscal 2027 before decelerating in fiscal 2028, they say. Shares slip 1.6% premarket.(josephmichael.stonor@wsj.com)

0515 ET - Dell Technologies' upgrade to its fiscal 2027 revenue outlook is driven by momentum in AI and more resilient-than-feared demand for its computers, JPMorgan analysts write. Dell's order backlog of $95 billion supports a sharp rise in its AI-server revenue outlook to $74 billion for the fiscal year, the analysts say. Elsewhere, the company's traditional infrastructure business remains strong, they say. "The net result is demand tailwinds compounding across multiple vectors at once, paired with Dell's best-in-class execution." JPMorgan ups its price target for Dell from $565 a share to $635. Shares jump 9.4% premarket. (josephmichael.stonor@wsj.com)

0446 ET - Chip makers Infineon Technologies and STMicroelectronics are set for a durable recovery after years of slow sales due to semiconductor demand for artificial-intelligence data centers, cars and industrial equipment, Citi analysts write in a note to clients. Carmakers that amassed chips at the height of the pandemic have now used up most of their inventories and are once again placing orders to the benefit of Infineon and STMicroelectronics. "While both stocks remain highly correlated to broader semi and AI-related sentiment, we believe these trends should support a longer and more sustainable earnings recovery than reflected in expectations," analysts say. Infineon shares trade 0.4% lower at 55.29 euros, while STMicroelectronics shares are up 1.1% at 42.77 euros. (mauro.orru@wsj.com)

0348 ET - Asian equities, namely Chinese stocks, increasingly face geopolitical risks amid the prospect of a meeting between Xi Jinping and Trump later this month, BNP Paribas analysts write in a note. The bank argues that recent disputes over trade imbalances, supply chains and AI are deepening the conflict between the world's two largest economies. While the meeting could result in an extension of an existing trade truce and further commitments, BNP doesn't expect a "grand bargain" or an outcome that would materially support Chinese or Asian equities. The U.S. and China are increasingly building separate economic and technological blocs, they note, adding that it's a trend that could complicate supply chains and make bilateral revenue exposure more difficult to value. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0332 ET - Z.ai may still face intense competition, HSBC analysts say in a research note. Z.ai increased its December 2026 annual recurring revenue guidance to US$2.4 billion, in line with market consensus range of between US$2 billion and US$2.5 billion, they say. August annual recurring revenue was solid at US$1.6 billion, they say, while noting revenue and gross profit actually missed consensus. This is partially due to the company's strategy change, they say. HSBC maintains its hold rating on the stock, given continued intense competition and cut target price to HK$1,375,00 from HK$1,500. Shares last traded at HK$1,112.00. (tracy.qu@wsj.com)

0305 ET - Pearson faces pressure to continue to outperform, Citi analyst write in a note. The London-listed education company's first-half performance showed operational progress, but margins were weaker than expected in its assessment and qualifications unit, they say. Management's focus on reinvestment to support long-term organic growth seems right, as there is significant potential for cost efficiencies, they add. However, "the recent re-rating has increased the hurdle for further outperformance and we see limited upside to consensus in the short term," they say. The U.S. bank cuts its recommendation on the stock to neutral from buy and raises its target price to 13.45 pounds from 13 pounds. Shares are down 2.2% at 11.99 pounds.