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.
0816 GMT - Prosus's stock price doesn't reflect all the aspects of its business, Deutsche Bank's Nizla Naizer writes in a note. The Amsterdam-listed tech investment group has built a global scale and developed its own AI model, which it currently uses to build AI agents and tools for business partners, Naizer notes. However, this is still not apparent in the price, Naizer says. "Prosus' other sizeable assets are given little to no value at all at these levels and we believe this is not justified." Shares are down 0.1% at 37.07 euros. ( najat.kantouar@wsj.com)
0807 GMT - Tencent will likely report solid 2Q results, supported by its games and advertising businesses, CGS International analysts say in a research note. CGS International expects Tencent's 2Q games revenue to rise 8% from a year earlier domestically and 15% internationally. The analysts say Tencent will likely increase its artificial-intelligence-related investment in 2H to upgrade its Hy large model and cloud infrastructure, as well as AI agent services. Meanwhile, Tencent could strengthen its capex plan in 2H as CGS International expects its full-year capex to reach 103 billion yuan. The brokerage maintains its add call on Tencent with a target price of HK$702.00. Shares are last 0.5% higher at HK$443.20. (sherry.qin@wsj.com)
0755 GMT - RELX's first-half results shouldn't lead to any material changes in consensus, Citi analysts write in a note. The information-and-analytics group reported higher revenue in the period, while legal underlying revenue growth exceeded consensus estimates, they say. The results should be well-received, they add. The company's comments on progress made in artificial intelligence and on its contribution to organic growth will be a key focus. Shares are up 2.4% at 25.10 pounds. (najat.kantouar@wsj.com)
0730 GMT - Bitcoin falls as U.S. stock futures decline amid the ongoing U.S.-Iran conflict and after earnings from Alphabet and Tesla fuelled concerns about AI spending. The U.S. is surging forces, medics and weaponry to the Middle East as President Trump considers expanding the conflict against Iran, WSJ reports. Shares in Tesla and Alphabet fell in after-hours trading after both reported negative free cash flow for the latest quarter and said they expect higher capital expenditures. Bitcoin falls 0.3% to $65,673, LSEG data show. (renae.dyer@wsj.com)
0729 GMT - Nokia reported very strong AI and cloud orders in the second quarter, while the mobile infrastructure unit drove a gross margin beat, Jefferies analyst Janardan Menon writes. Nokia's sales were in line at 4.82 billion euros, while the adjusted gross margin of 46% was ahead of the bank's 44.7% estimate, boosted by mobile infrastructure margins. Revenue in the unit also exceeded expectations with 7% growth on year. In network infrastructure, optical revenue grew 20% on year while IP networks revenue growth accelerated to 16% on year from 3% in the first quarter. Nokia booked 2.8 billion euros of cloud and AI orders in the second quarter, up sharply from 1 billion in the first quarter and double Jefferies' 1.4 billion-euro estimate. Shares rise 0.4%. (dominic.chopping@wsj.com)
0715 GMT - Nokia reported a solid enough second quarter, but not the game-changer that a first glance might suggest, Bernstein analyst Ulrich Rathe writes. The Finnish telecom-equipment provider reclassified some operations as discontinued, which made for strong headline numbers but masked a more pedestrian underlying result, the bank says. On a like-for-like basis, revenue beat by 2% and comparable operating profit by 9%. "While this still looks strong, the reason for the operating profit beat is materially from the lumpy licensing business within mobile infrastructure." Notably, the closely watched optical networks unit missed revenue and adjusted operating profit consensus by around 4%, the bank adds. Shares are up 3.8%. (dominic.chopping@wsj.com)
0643 GMT - STMicroelectronics shares already reflect a recovery across its end markets and an acceleration in revenue from data centers, Citi analysts write in a note to clients. The European chip maker's second-quarter results and guidance are roughly in line with consensus and shares have risen accordingly this year, analysts say. STMicroelectronics stock has more than doubled in value since January, up nearly 160%. "Without estimate momentum today, shares may struggle in the near-term," analysts say. (mauro.orru@wsj.com)
0216 GMT - Data center investment in Australia is booming driven by the transition to AI-oriented computing, says Oxford Economics. Data center capacity currently sits near 2.2 gigawatts while the proposed pipeline captures a further 25 gigawatts, it says. The cumulative value of data center construction projects that have commenced now surpasses 75 billion Australian dollars, with a further A$195 billion worth of proposed developments yet to break ground, it says. The potential for an overbuild looms, it adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)
0152 GMT - Tencent's Wednesday selloff is an overreaction after a decent rebound in recent weeks, Citi analysts say in a research note. Despite 2Q gaming grossing likely slowing down due to soft seasonality, they note that deferred revenue recognition from previous quarters should support revenue for the period. Citi expects Tencent's 2Q domestic games revenue to decline 3.9% on quarter but rise 8% on year. Short-term fluctuations in gaming grossing and revenue shouldn't overshadow the fundamental strength of Tencent's diversified and globalized gaming business, which underpins steady annual growth, they add. Citi retains a buy rating on Tencent and suggests the selloff presents a buying opportunity. Shares are up 0.9% at 445.00 Hong Kong dollars. (sherry.qin@wsj.com)
0001 GMT - News that an experimental OpenAI autonomous agent went rogue and hacked into another startup has highlighted the need for the technology to be regulated, says Australian Prime Minister Anthony Albanese. "It is a fact that there are risks here which need to be mitigated," Albanese said in a radio interview. The Labor government is rolling out plans to regulate and standardise AI. "This is going to have a massive impact on the way that we work, on the way society functions. And that's why we need a sophisticated debate and we need input from all sources, including of course, workers who will be impacted by this," he added. (james.glynn@wsj.com; X @JamesGlynnWSJ)
2301 GMT [Dow Jones]--Alphabet CEO Sundar Pichai is tight-lipped about Google's timeline for releasing Gemini 3.5 Pro, its most advanced AI model yet. Bloomberg reported last week that the model, expected to be released in May, is months behind schedule as Google looks to improve its capabilities, citing people familiar with the matter. "Gemini 3.5 Pro is currently in testing," Pichai says, not providing any further details. He adds that Gemini 4 is pre-training, and that the company is "excited by the progress we are seeing at the frontier." (elias.schisgall@wsj.com)
Google parent Alphabet lifts its 2026 capital expenditures outlook once again and says its spending on artificial-intelligence infrastructure turned its free cash flow negative in the second quarter. Alphabet now projects a range of $195 billion to $205 billion, cash the company says is necessary to meet the demands of the AI infrastructure boom. Many analysts were expecting a lift to the CapEx outlook, especially after Google announced an $85 billion equity raise last month. Still, the negative free cash flow and heavy bill for AI infrastructure is fueling investor jitters. Alphabet Class A shares are off 3.3% to $330.80 in after-hours trading. (elias.schisgall@wsj.com)
(END) Dow Jones Newswires
July 23, 2026 04:20 ET (08:20 GMT)
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