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.
1142 ET - BlackBerry's latest results show a company shifting from "turnaround skepticism to a cleaner beat-and-raise/re-rate setup," says CIBC's Todd Coupland. Both QNX and Secure Communications growing more than 20% in a seasonally soft quarter, and showing real operating leverage, signals a business entering a different phase, the analyst says in a report. He calls FY2027 a potential "step-change in growth, operating leverage and value creation," and says rising QNX backlog, a stronger pipeline, and the optionality of Alloy Kore and general embedded management design wins justify assigning QNX a higher sales multiple. Shares have tripled this year.(adriano.marchese@wsj.com)
0828 ET - KPN should be a core long-term holding for defensive-minded telecoms investors, Citi analysts write. The Dutch telecommunications company has a record of delivering guidance and its free cash flow is expected to rise next year as its fiber roll-out matures, they say. KPN is expected to report service revenue growth of 0.5% in the second quarter, and an Ebitda after leases fall of 1.2% due to tough prior-year comparisons, the analysts say. KPN is due to report second-quarter earnings on July 22. Citi raises its rating on the stock to buy from neutral and the target price to 5.0 euros from 4.60 euros. Shares are up 2.3% at 4.473 euros. (ian.walker@wsj.com)
0733 ET - Bitcoin slips back below $60,000 as U.S. stock futures fall driven by losses in tech stocks. Apple's decision to raise prices of its major products due to rising memory and storage chip costs has sparked fears about the sustainability of the AI boom, XM analyst Raffi Boyadjian says in a note. It raises concerns that other companies will also hike prices as massive investments in AI lead to an unprecedented demand for memory and storage chips, he says. Consumer demand for tech and AI products could eventually cool, "bringing into question whether all the spending on AI infrastructure will pay off." Bitcoin trades flat at $59,360, having reached a 21-month low of $58,075 Thursday, LSEG data show. (renae.dyer@wsj.com)
0553 ET - ON Semiconductors' $7 billion acquisition of Synaptics makes strategic sense but won't drive the group's share price up, Jefferies' analysts write. The acquisition diversifies the company's business base, giving it a foothold in leading-edge physical AI, the analysts say. But the acquisition isn't pitched at giving the company a near-term earnings boost. "We would frame the impact as incrementally positive rather than transformative," they say. The deal gives the chip maker increased exposure to robotics, but the company's product mix is now more tilted toward consumer technology--a sector with typically lower valuations. ON Semiconductor shares fall more than 12% premarket. (josephmichael.stonor@wsj.com)
0553 ET - STMicroelectronics could beat market expectations when it reports quarterly earnings on July 23, Bank of America's Didier Scemama writes in a research note. The European chip maker should benefit from demand for optical interconnects, equipment for low Earth-orbit satellites, and a recovery in the automotive and industrial end-markets, Scemama says. The company is expected to provide third-quarter guidance above consensus, he notes. STMicroelectronics could forecast sales of nearly $3.90 billion, 5% above consensus, he says. Meanwhile, its gross margin could reach 38.5%, 208 basis points above consensus, Scemama says. STMicroelectronics shares trade 2.5% lower at 63.44 euros. (mauro.orru@wsj.com)
0541 ET - Heightened competition for memory chips amid increasing investment in artificial intelligence is already showing up in consumer prices, James Bull at RSM UK says in a note. Both Apple and Microsoft have now issued price hikes, confirming an industry-wide response to supply-chain shortages, Bull says. "The four largest U.S. technology companies are forecast to spend $725 billion on data centers and AI equipment in 2026 alone. That level of demand for memory chips has created a shortage the supply chain cannot keep pace with." It is now clear that the costs of building the AI economy is being passed onto consumers and potentially even the inflation outlook, with industry leaders suggesting shortages could last beyond 2028, Bull adds. (don.forbes@wsj.com)
0504 ET - Zhipu AI still faces risks from many fronts, according to HSBC analysts in a research note. Domestic competitors including Moonshot and DeepSeek have raised funds, while western players like OpenAI and Anthropic are also working on their top performance models, HSBC points out. Zhipu also faces tests when lock-up periods expire, as 6% of its shares are set to be unlocked in early July and 40% could be unlocked as of January, they point out. IPOs of other frontier labs could also reduce the "scarcity premium," HSBC says. HSBC maintains its hold rating on the stock and raises the target price to 1,900 Hong Kong dollars from HK$920.00. Shares last closed at HK$2,046.00. (tracy.qu@wsj.com)
0451 ET - Recent volatility in stocks linked to artificial intelligence amounts to some profit-taking from investors rather than a fundamental break, UniCredit's Christian Stocker writes in a note to clients. Investors have rewarded semiconductor companies in recent months, propelling shares to all-time highs on expectations that demand for chips to power AI data centers will stay strong for years to come. However, the rally lost steam in recent weeks as some investors started to question whether high valuations and capital expenditures are justified. "We view this as a temporary correction within a still-intact long-term AI growth trend," Stocker says. (mauro.orru@wsj.com)
0437 ET - AI-driven equity markets have become increasingly unstable, Tickmill Group analyst Patrick Munnelly says in a note. "Leveraged retail exposure, crowded semiconductor longs and fragile sentiment around memory demand have combined to create a market that is highly vulnerable to negative headlines," he says. Heavy losses across Asia on Friday show that markets could swing "from relief to fragility in a single breath." Meanwhile, oil's disinflationary cushion is gone, replaced by renewed security risks in the Strait of Hormuz, Munnelly says. While it doesn't necessarily mean the AI trade is broken, crowded positioning means fundamentally positive stories can struggle when the broader tape turns, he adds.(sherry.qin@wsj.com)
0426 ET - Zhipu AI's financial outlook could be better than previously expected, HSBC analysts say in a research note. Guidance of $1 billion in annualized revenue run rate by December is in line with HSBC's current expectations. HSBC had previously forecast ARR of $340 million. Domestic chip compatibility for AI inferencing has improved, partly resolving HSBC's concerns over chip shortage. Meanwhile, HSBC notes that Zhipu AI's latest models are among top performers globally, adding to investor confidence. HSBC maintains a hold rating on the stock and raises its target price to HK$1,900 from HK$920.00. Shares closed at HK$2,046.00. (tracy.qu@wsj.com)
0424 ET - Shares of European semiconductor companies are following their Asian peers in negative territory as investors ditch stocks linked to artificial intelligence. A strong set of earnings and outlook from Micron Technology late Wednesday failed to reignite a rally in AI stocks on Thursday. On Friday, South Korean memory-chip maker SK Hynix closed 8.4% lower, while Taiwan Semiconductor Manufacturing Co. was down 2.1%. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 0.9% and 3.3%, respectively. German chip maker Infineon Technologies is down 2.9%. STMicroelectronics shares are down 2.5%. Meanwhile, the E-mini Nasdaq 100 futures contract is down 0.8%. (mauro.orru@wsj.com)
0134 ET - Apple's anticipated entry into the foldable market is set to drive prices higher by locking consumer focus on the premium segment, boosting demand for advanced software and productivity tools, Counterpoint Research said in a report. Apple's entry is part of the reason the global average selling price for foldables is forecast to jump 18% this year, the research firm said. It added while competition is driving down prices for budget-friendly flip-style clamshell foldables, narrowing their price gap with premium bar-type smartphones, demand for the larger and more expensive book-style foldable models is surging. (jie.yang@wsj.com)
(END) Dow Jones Newswires
June 26, 2026 12:20 ET (16:20 GMT)
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