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.
0801 GMT - Nokia reported better-than-expected comparable results, with the most important thing in the report being a clear increase in the growth outlook for optical and internet protocol networks, Inderes analyst Atte Riikola writes. This reflects a significant strengthening of the market demand outlook in recent months, he adds. Nokia is increasing its investments in the optical networks business to exploit this growth opportunity. The company now expects its network infrastructure unit to grow 12%-14% this year from 6%-8%, reflecting the increased growth in optical and IP networks. Inderes had expected 9% growth in network infrastructure this year. Nokia also raised its growth expectations in the target market for AI and cloud customers to 27% for 2025-2028, up from 16%, indicating a strong improvement in demand. Shares rise 8.1%. (dominic.chopping@wsj.com)
0750 GMT - RELX confirming its guidance should reassure investors, despite the company not offering much in the way of incremental news in its trading update, Citi analysts say in a note. The information-and-analytics company's exhibitions division has seen some rescheduling to the 2H due to events in the Middle East but management says will it show strong underlying revenue growth. The region accounts for around 4% of revenue in the division and with around 66% of revenue being rescheduled there will be a timing effect, the analysts say, with around 20 million pounds of profit shifting to 2H. Shares are down 3.2% at 2,652 pence. (anthony.orunagoriainoff@dowjones.com)
0729 GMT - Chinese livestreaming company East Buy may benefit from improved sales, according to Daiwa analysts. East Buy's gross merchandise value on Douyin continues to improve after the Lunar New Year, they say in a note. That is helped by the firm's new accounts on Douyin selling home furnishings, snacks, fast food and other products, the analysts say. Daiwa lifts its FY 2026-27 earnings per share forecasts by 3%-6%, thanks to better gross merchandise value and gross margins. It keeps an outperform rating on the stock, citing the sales recovery, and slightly raise the target price to HK$30.00 from HK$29.00. Shares last traded at HK$27.88. (tracy.qu@wsj.com)
0728 GMT - Nokia shares should benefit from a further re-rating and earnings upgrades after delivering a gross margin beat and raised growth expectations in IP and optical networks, Jefferies analyst Janardan Menon writes. Sales are in-line, but the gross margin of 45.5% is well ahead of the bank's 42.9% expectation. Cloud and AI sales grew 49% on year and now account for 8% of total sales, with order bookings rising to 1 billion euros in the first quarter. The Finnish telecoms-equipment provider raised its 2026 optical and IP networks growth expectation to 18%-20% and now expects the network infrastructure unit to grow 12%-14%. The company is tracking above the midpoint of its 2 billion-2.5 billion euros operating profit guidance range, with Jefferies expecting 2.2 billion euros. Shares rise 7.5%. (dominic.chopping@wsj.com)
0722 GMT - RELX is trading at a historically low valuation and a discount to U.S. competitors despite recent price recovery and strong momentum in its AI-driven analytics business, Quilter Cheviot analyst Matt Dorset says in a note. "We continue to view this derating as overdone and continued solid results are supportive, although it will clearly take much longer to dispel AI fears," Dorset says. Shares are down 2.3% at 2,675 pence and are down 32% over the past 12 months. (anthony.orunagoriainoff@dowjones.com)
0716 GMT - Horizon Robotics is pivoting to an ecosystem enabler from a chip supplier, DBS analysts say in a note. The company launched several new products at a recent event in Beijing. It introduced a new chip called the Starry 6P, designed to handle driving and in-car functions within in a single system. It also unveiled an operating system called Kaka Claw, aimed at powering in-vehicle features, including voice interaction and other smart controls. The third offering was an updated version of its driving software, which the company said improves performance in areas such as navigating intersections, changing lanes, safety responses and parking, DBS says. The bank maintains a buy rating on the stock with a target price of HK$13.00. Shares are last at HK$7.49.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
0715 GMT - MiniMax is transforming into a native AI platform by leveraging its distinct multimodal capabilities, Macquarie analysts say in a research note. MiniMax has evolved from a research-driven model developer into an AI-native intelligence platform, the analysts say. The acceleration of agent-based work is driving a structural surge in token consumption, creating ample opportunities for monetization, they note. "We believe MiniMax is uniquely positioned to capitalize on the agentic era, underpinned by a compelling cost-to-performance advantage," the analysts say. MiniMax's superior cost efficiency has accelerated overseas adoption, with 73% of revenue now generated internationally, they say. Macquarie initiates its coverage of MiniMax with an outperform rating and target price at HK$1,100.00. Shares are last at HK$865.50. (sherry.qin@wsj.com)
0620 GMT - STMicroelectronics' bookings, sales and margin trajectory show a recovery is under way, Citi analysts write in a note to clients. The European chip maker said demand had improved in the first quarter, with strong bookings and normalized inventory despite macroeconomic uncertainty. First-quarter revenue climbed 23% on year to $3.10 billion, above company guidance of about $3.04 billion and analysts' forecast of $3.06 billion, according to Visible Alpha. For the current quarter, STMicroelectronics is forecasting revenue of about $3.45 billion, above consensus of $3.18 billion. (mauro.orru@wsj.com)
0423 GMT - A combination of AI-driven demand and a shift in semiconductor development focus from front-end chip miniaturization to back-end chip packaging has boosted ASMPT's business, Morningstar analyst Dan Baker says in a note. Like many AI-driven infrastructure stocks, ASMPT's valuation depends on the assumptions about how long AI demand for infrastructure will last, the analyst says, noting the stock has risen over 90% so far this year. Morningstar forecasts higher revenue and operating profit for ASMPT in the near-term on AI-driven demand. Shares are last 3.1% higher at HK$156.90. (sherry.qin@wsj.com)
0419 GMT - Geopolitical tensions in the Middle East are a key swing factor for Malaysia's technology and electronics manufacturing services sector, with limited near-term impact but rising downside risks if disruptions persist, Affin Hwang IB analysts Kevin Low and Ong Tze Hern say in a note. A prolonged conflict could weigh on spending by major cloud companies and increase cost pressures, they say. AI demand remains strong but concentrated in areas such as wafer fabrication equipment, optical interconnects and testing, while consumer and automotive segments lag, they add. Affin Hwang maintains a neutral rating on Malaysia's technology and electronics manufacturing services sector and stays selective, favoring direct AI beneficiaries with pricing power and strong orderbook visibility. It pegs THMY, Vitrox, Kelington as its top picks and Inari Amertron as a liquid large-cap proxy. (yingxian.wong@wsj.com)
2119 GMT - Tesla is expanding its manufacturing to include semiconductor fabrication, according to a filing with the Securities and Exchange Commission. The move is aimed at securing sufficient chip supply as Tesla ramps up production for its robotaxis and Optimus robots, the company says. "Our partnership with SpaceX aims to build the largest chip fab ever," the company says. The project will vertically integrate logic, memory and advanced packing to allow for quick iteration, given Tesla expects higher chip demand than what the industry's existing and planned capacity can accommodate, it says. (kelly.cloonan@wsj.com)
1902 GMT - Software-driven businesses that generate their own data are less likely to be disrupted by artificial intelligence than those that process data from other sources, according to technology-focused fund managers. But customer trust alone can also make data-analytics companies more resilient, says Mark Lewis, a managing director at private-equity firm Lime Rock New Energy. He cites Power TakeOff, which helps utilities use smart-meter data from businesses to spot opportunities for lowering electricity consumption through actions such as adjusting the schedules of cooling and heating systems. "They don't own the data, but what they do own is the trust of the utilities," Lewis says of Power TakeOff, which Lime Rock backed in 2023. "That is as important as data ownership itself," he says. (luis.garcia@wsj.com; @lhvgarcia)
(END) Dow Jones Newswires
April 23, 2026 04:20 ET (08:20 GMT)
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