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.
1411 ET - Cex.io says that in a survey the top regret of 41% of cryptocurrency investors is not having "a clearer set of profit-taking rules" governing their investments. Even so, 79% of the investors surveyed say that they plan on either holding onto their cryptocurrency investments for the foreseeable future or adding more crypto to their portfolios--with 15% intending to reduce their positions and 6% deciding to exit completely. Cex.io says that it surveyed 1,100 active crypto users in the U.S. to "find out how the current bear market affected their lives." Cryptocurrencies are currently down, with bitcoin off 2%, ethereum losing 3.5%, XRP dropping 2.6%, and solana sliding 2.8%. (kirk.maltais@wsj.com)
1405 ET -- A possible merger between SiriusXM and iHeartMedia could scale the former's advertising business from around $1.8 billion last year to close to $5 billion, Morgan Stanley analysts write in a note. Within that, the off-net ad sales and podcasting business could nearly double from around $700 million to $1.3 billion, the analysts estimate. Still, any deal would also re-lever SiriusXM's debt and push back its goal of 3-3.5x leverage, potentially impacting near-term capital returns for stockholders, while revenue synergies could take time to realize. Bloomberg reported on Friday that the two were in talks to merge, although representatives for both companies declined to comment to Bloomberg. (elias.schisgall@wsj.com)
1314 ET - Warner Music Group's deals with AI music platforms, especially the music generation tool Suno, provides a blueprint for record labels capitalizing on the opportunities for AI in music, JPMorgan analysts say in a note. Rather than wait for regulation to catch up, Warner "is taking a pragmatic path toward technological disruption, with a focus on enforcing guardrails on industry structure and ensuring economic participation, rather than risk pushing AI outside its monetization reach," the analysts say. Using consumer AI for superfan monetization could also generate a 1% growth benefit, the analysts estimate, while AI music tools could generate remixes at a higher scale and lower cost, which could drive engagement for the original songs. (elias.schisgall@wsj.com)
1239 ET - The rise of AI music doesn't necessarily spell doom and gloom for major music labels, JPMorgan analysts say in a note. Although the volume of AI-generated songs is accelerating, consumption seems to be falling, the analysts write, citing data from music streaming app Deezer. More importantly, the labels have been facing exponential growth in new songs for years, and though this initially led to rapid share losses, "data suggests the trend has largely peaked or been addressed by strategy pivots post-Covid," the analysts say. Listeners also seem to be coalescing around high-quality content, and it's easier for a human artist to generate enduring popularity - through concerts, fan events, and social media, as well as the resources of a major record label - than an AI musician, the analysts say.(elias.schisgall@wsj.com)
1152 ET--Microsoft's amendment to its agreement with OpenAI, allowing the company to serve more customers across cloud providers, is a net positive for Microsoft, Wedbush analyst Dan Ives says. Ives says it's "good to get this ongoing partnership limbo now in the rear view mirror." The amendment allows Microsoft to maintain a significant share of OpenAI while gaining more technological independence from the AI platform as it builds its own Copilot AI assistant and models, Ives says. OpenAI, meanwhile, is on a stronger path toward going public, he says. (katherine.hamilton@wsj.com)
1103 ET - Elon Musk's trial against Sam Altman's OpenAI is slated to begin today, and will have broad implications for AI regulation, Wedbush analysts say. The trial revolves around allegations about OpenAI seeking profit while operating as a nonprofit and could reshape the corporate governance structure of AI research, the analysts say. The suit could also heighten the competitive landscape in the AI industry, with OpenAI and Musk's xAI "going head-to-head to gain share in the AI Arms Race, and OpenAI has a very strong market position which poses a risk to other tech players including Musk." (katherine.hamilton@wsj.com
1042 ET - The legal battle between xAI founder Elon Musk and OpenAI CEO Sam Altman isn't expected to have a profoundly negative impact on OpenAI, but could be messy, Wedbush analysts say in a note. The analysts expect Altman will emerge from the trial with "scrapes and bruises" rather than any real threat to his role as CEO. At the same time, the two men have already traded barbs publicly over social media, and the analysts expect "a lot of dirt and slings thrown around in court." But the overall impact could still be a thorn in OpenAI's side as it is expected to announce an initial public offering later this year, the analysts say. (katherine.hamilton@wsj.com)
1018 ET - Bitcoin and other major cryptocurrencies are lower across the board, with profit-taking seen as a driving force. "Investors could move to secure their gains ahead of the busy economic calendar this week and amid the uncertain geopolitical situation in the Middle East," says Van Ha Trinh of Exness in a note. But any progress in negotiations to reopen the Strait could quickly whet the appetite of investors for risk-on assets, including cryptocurrency. Bitcoin is down 0.8% to $77,642, while ethereum falls 2.5% to $2,305 and XRP is down 2% to $1.40. Solana slides 2.3% to $84.79. (kirk.maltais@wsj.com)
0907 ET - Spotify Technology and Peloton Interactive are launching a global partnership to bring Peloton's fitness and wellness content to hundreds of millions of Spotify Premium subscribers as part of Spotify's new fitness category. Spotify says those subscribers will gain access to a catalog of more than 1,400 classes thanks to the collaboration. Classes will span from outdoor runs to mat classes such as yoga and cardio. Free and premium subscribers will also gain access to curated workout playlists and content from wellness creators, Spotify says. For Peloton, the collaboration also helps diversify its business model beyond its at-home workout bikes, which spiked in popularity during the pandemic. (katherine.hamilton@wsj.com)
0650 ET - Nokia has a strong multi-year growth outlook underpinned by its increasing competitiveness in AI data centers, Jefferies's Janardan Menon writes in a note. After reporting a flat-to-declining trend in revenues over the past decade, Nokia has signaled an acceleration from the second quarter of 2026 where it guides to growth of 5%-9% on quarter. The Finnish telecom company forecasts a major acceleration in 2026 IP and Optical revenue on strong order momentum and supply visibility. Jefferies sees total revenue growth of 6.2% this year. "However, we do not think the Nokia growth story ends here, rather it is just getting started." The bank raises its price target on Nokia shares to 10.70 euros from 8.80 euros and keeps its rating of the company at buy. Shares rise 3.3% to 9.24 euros. (dominic.chopping@wsj.com)
0617 ET - DeepSeek's V4 model is a capable follow-up, though not the watershed moment that its predecessor R1 was, Morningstar analyst Ivan Su says in a note. Follow-up releases tend not to unsettle markets the way surprise launches do, he says. While V4 performs strongly across benchmarks, Su says artificial-intelligence value is created when capabilities are embedded into revenue engines, which DeepSeek currently lacks. V4's use of Huawei's Ascend chips supports the view that Chinese AI firms are shifting toward domestic silicon, a trend that should benefit Chinese-listed graphics-processing-unit makers and foundries such as SMIC and Hua Hong. V4's release also reinforces the view that Chinese AI models remain competitive with their U.S. peers, while China's chip self-sufficiency continues to improve despite U.S. export controls, Morningstar adds. (jason.chau@wsj.com)
0537 ET - The next phase of the AI buildout depends heavily on Asia's hardware ecosystem, Saxo Markets strategist Charu Chanana says in a note. The AI story is no longer just about U.S. mega caps, she says, as the next phase of the AI buildout depends on the entire supply chain in Asia, including chips, memory, advanced packaging, semiconductor equipment, precision manufacturing, power and data centers. Despite volatility from Middle East-related headlines, "the bigger force in markets appears to be FOMO around AI, not war angst," she notes. Asia is no longer just a region preferred by investors when global growth is improving, it's becoming a supply-chain exposure to the AI capex cycle, she adds. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 27, 2026 16:50 ET (20:50 GMT)
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