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.
1551 ET - Microsoft's recent underperformance creates a solid set-up with limited downside risk ahead of the company's fourth-quarter earnings UBS analysts write in a note. Still, though they maintain a buy rating, they cut Microsoft's price target to $480 from $510, citing the possibility that Microsoft will raise its capital expenditures outlook while reaffirming rather than raising its guidance for Azure -- a combination of high spending and limited revenue upside that markets seem reticent to reward. Beyond CapEx and ROI debates, Microsoft may face pressure around its exposure to OpenAI and risks of open-source model displacement, as well as skepticism of its flagship productivity software business. "Bottom line, we remain BUY-rated but are more tactically balanced into this print," the analysts write. Shares are up 2% at $389.50. (elias.schisgall@wsj.com)
1405 ET - Shopify isn't at risk of losing out to "vibe-coding" according to an RBC note. While open-source ecommerce tools and website builders have been available for years, such as WooCommerce, which is the open-source ecommerce platform for WordPress, they haven't "reduced demand for Shopify, both from SMBs and larger enterprises," the analysts say. This is because "Shopify's pace of innovation, breadth of features, reliability, scalability, and extensibility are superior to free tools," according to the analysts. What's more, building software to replace Shopify would be too complex considering how quickly online commerce landscape is evolving, including "the requirement to integrate with third party software tools and enterprise systems and the need for payments processing." Shopify climbs 10% to C$177.21, but is still down 20% year-to-date. (adriano.marchese@wsj.com)
1352 ET - As AI upends established industries, Piper Sandler is optimistic about companies that are building next-generation machines--like robotaxis, reusable rockets and humanoid robots--using in-house expertise. Analysts Alexander Potter and Ben Johnson point in particular to Rivian and Mobileye, whose vertically integrated models allow them to build next-generation models without relying on suppliers or supply chains that don't exist yet. The analysts upgrade both to overweight from neutral, and raise the price target to $20 from $18 for Rivian, and to $12 from $10 for Mobileye. (kelly.cloonan@wsj.com)
1342 ET - Investor sentiment around Bumble hinges largely on whether its planned app relaunch can successfully stabilize the business, Morgan Stanley analysts say, noting the company's stock is near an all-time low. The dating app has been looking to launch an overhauled app in 4Q in select markets, with plans to move away from the swipe model with a new approach that emphasizes closing the gap between digital and in-person connections, the analysts say. Still, given the relaunch isn't until later this year, the analysts say they don't expect much will change for investors' key debates around the stock heading into Bumble's quarterly results. Instead, the focus will be on specific products, timing and upside, they say. (kelly.cloonan@wsj.com)
1330 ET - Bitcoin ETFs had recorded inflows after weeks of outflows, but are now showing outflows once again, according to data from CoinGlass. Net outflows were recorded for two straight days, totaling just over $465 million. "The pullback has not yet indicated particularly strong selling pressure, but it does reflect a return of cautious sentiment as ETF flows temporarily reverse and the market awaits further signals from U.S. monetary policy," says Linh Tran of XS.com. Fed commentary following its rate setting meeting this week may set the stage for how cryptocurrency trades in the near future, analysts say. Bitcoin is up 0.3% to $64,834 today. (kirk.maltais@wsj.com)
1256 ET - The expanded partnership between AT&T and D-Wave Quantum should further reduce customer downtime, D-Wave CEO Alan Baratz tells CNBC. The partnership is building on AT&T's success using D-Wave's quantum computing power to optimize responses to network outages, which cut down AT&T's computation time from more than an hour to less than 15 seconds. The partnership also covers using quantum computing in concert with AT&T's AI agents, a push toward the long-held goal of combining the two frontier technologies. "From their perspective, leveraging their AI technology today, they've seen a dramatic improvement in uptime," Baratz says. "And now, bringing quantum into the picture, the expectation is that that will be even better." D-Wave gains 17% to $18.95, while AT&T ticks up 1.1% to $24.37. Other quantum stocks rally as well. (elias.schisgall@wsj.com)
1123 ET - Dubai stocks lead major Gulf exchanges higher as easing geopolitical tensions lift investor sentiment. A sharp decline in crude oil prices over the past two trading sessions reflects signs of easing regional tensions, says Junaid Ansari at Kamco Invest. Better-than-expected corporate earnings have also supported regional markets, while defensive sectors including consumer staples, retail and telecom have outperformed across much of the GCC, says the head of investment strategy and research. The Dubai Financial Market General Index gains 1.0%, Qatar's QE Index rises 0.8% and Abu Dhabi's benchmark index is up 0.2%. (farhan.rafid@wsj.com)
1100 ET - Bitcoin is down 0.2% to $64,496, and a further slide could be in the cards, says Nicolai Søndergaard of Nansen in a note--to as low as $52k to $58k. "Onchain and derivatives signals show that strong buyers have not yet returned or confirmed a durable bottom," says Søndergaard. The Federal Reserve's decision on interest rates later this week and commentary around it may set the tone for how bitcoin moves in the near future, he adds--along with Strategy's 2Q results also slated for this week. Should bitcoin fall to $52k, it would be the lowest it has traded since February 2024. Ethereum is up 0.5% to $1,922, XRP is down 1.3% to $1.09, and solana is flat around $75.28. (kirk.maltais@wsj.com)
0938 ET - The solid 0.9% gain in nondefense capital-goods orders excluding aircraft is consistent with the baseline forecast for business equipment investment to continue supporting growth in the second half of the year, according to a note from Oxford Economics. "The AI infrastructure buildout is showing no signs of slowing, which is driving up new orders of computers and electronic products and spilling over into other sectors such as machinery--namely, power transmission equipment--and metals," Oxford says.(jessica.coacci@wsj.com)
0921 ET - Shares of Dutch semiconductor-equipment maker ASML Holding veer into negative territory after the Information reports that a Chinese state-backed company started manufacturing deep ultraviolet machines that are used in chip production. ASML's most advanced extreme ultraviolet lithography systems have been subject to export controls, but the company is free to sell less sophisticated deep ultraviolet machines in China. Chinese clients represented 29.1% of ASML's sales last year and 36.1% in 2024. ASML shares, which had been positive for much of the session, trade 1.3% lower at 1,540.60 euros. (mauro.orru@wsj.com)
0844 ET - Nvidia says it's partnering with other industry leaders to form a new group, dubbed the Open Secure AI Alliance, to build and share open tools that promote responsible use of and trust in artificial intelligence. "Open source software is a critical pillar of the global economy," Nvidia says on the company blog. "It underpins cloud computing, financial services, manufacturing, telecommunications, government and internet services by making technology accessible and observable to communities of experts." The Open Secure AI Alliance will work to remediate and disclose vulnerabilities using open technologies. Nvidia says the world needs both closed and open models. "For cybersecurity, open models and open harnesses are essential because they democratize defensive capabilities, increase transparency for defenders, enable cyber defense while protecting data, and complement frontier closed models with customizable, localized controls." (connor.hart@wsj.com)
0750 ET - There is growing competitive tension between Uber and Waymo, after the two ended their relationship in Phoenix, Waymo's first partner market, after three years, Melius Research says in a note. Waymo has increasingly sought to operate alone as it scales, according to analysts Conor Cunningham and Patrick Coleman. While some investors think Uber can serve as an autonomous vehicle marketplace connecting demand to supply, others think Waymo is one of the few autonomous-vehicle models that has proven it can scale, the analysts say.(katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
July 27, 2026 16:50 ET (20:50 GMT)
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