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.

1135 ET - Italy's premier stock index wipes out its summer gains, falling to lows last seen in June as tumbling banking and AI-linked stocks weigh. Stocks linked to the AI buildout fall sharply, with semiconductor-testing company Technoprobe down 6.3%, while electrification group Prysmian falls 4.7%. Banks also drop sharply as higher oil prices and fiscal concerns weigh on the broader European sector. Banca Monte dei Paschi di Siena falls 4.1%, while UniCredit loses 4.4%. Banca Mediolanum falls 3.8%. The FTSE MIB drops 2.7%, on track to close at its lowest level since June 5. (josephmichael.stonor@wsj.com)

1102 ET - France's CAC 40 index of blue-chip stocks falls to its lowest level since March as inflation fears, higher oil prices and a tech selloff combine to weigh on the index. Banks lead a sharp fall in the index, as heightened concerns about France's budget deficit put upward pressure on French borrowing costs. Societe Generale drops 5.7%, while BNP Paribas loses 4.3%. The index also suffers from a selloff in AI-related stocks. Electrical infrastructure groups Legrand and Schneider Electric drop 4.6% and 2.9%, respectively, while chip maker STMicroelectronics falls 3.3%. The CAC 40 falls 1.4% to 7,755.07 points, on track for its lowest close since March 27, according to LSEG. (josephmichael.stonor@wsj.com)

1056 ET - Power utilities will remain critical for the expansion of AI infrastructure despite the growing number of dedicated electricity generators being built near data centers, Joseph DeCampo, a managing director at investment bank Moelis & Company, says during an industry conference. "While they may start off as behind-the-meter or off-grid projects, data centers ultimately would like to be tied into the grid," DeCampo says. Data centers would be reluctant to rely on off-the-grid power installations alone partly because of their high reliability requirements, other panelists say. That puts utilities in the best position to benefit from surging demand for electricity to power AI systems, DeCampo says. "[Utilities] understand the grid better than anybody out there," he says. "They are the ones who ultimately benefit from the longer-term [power] trends." (luis.garcia@wsj.com; @lhvgarcia)

1050 ET - The macroeconomic signals seen in trading this week are taking a toll on major cryptocurrencies. "Today's sell-off looks macro-triggered but crypto-amplified," says Lacie Zhang of Bitget Wallet. Zhang cites new record-high Treasury yields and its corresponding push on the U.S. dollar as factors directly pressuring bitcoin and other digital assets--with overall investor sentiment favoring yield-bearing safe assets. Additionally, low trading volumes in crypto have made the moves look sharper, Zhang adds. Bitcoin falls by 3% to $83,098, ethereum is down 5% to $2,564, XRP slides 4.7% to $1.43, and solana is off 4.2% to $115.98. (kirk.maltais@wsj.com)

0917 ET - Elon Musk needs to move quickly to build out SpaceX's artificial-intelligence infrastructure, Yorkville Ives analysts say in a research note. Recent reports say SpaceX is in discussions with banks and investment-management firms to borrow $40 billion to purchase chips from Nvidia, and the analysts accordingly view this as a smart strategic move. "It fuels the flywheel between launch, Starlink, and AI: each business lowers the cost or expands the demand of the other two, and the AI segment is where the next leg of growth comes from as contracted cloud capacity converts into revenue," the analysts write. The move would likely be well received by investors, they add, given the scale of the AI-related cloud buildout ahead for SpaceX. (connor.hart@wsj.com)

0846 ET - Use of AI in Canadian organizations has risen more than eightfold in three years but governance is still catching up, says Chartered Professional Accountants of Canada. Its poll of 5,000 CPAs in the country found organizational AI use rose to 43% this year from 5% in 2023, and nearly three-quarters now use AI at least weekly in their professional work. Respondents also report AI is delivering tangible benefits. Still, the study finds that while 67% of CPAs report having access to approved AI tools for professional use, only 45% report a formal AI policy and just 34% say their organization has implemented either employee training or a formal AI strategy. (robb.stewart@wsj.com; @RobbMStewart)

0616 ET - SAP investors will look for details on artificial-intelligence adoption, pricing and monetization when the group reports third-quarter results on Oct. 21, Bank of America analysts write in a note to clients. The German business-software group made several AI announcements at its SAP Connect event on Tuesday and confirmed that key capabilities across its AI portfolio will begin rolling out later in October, analysts say. While innovation continues at a rapid pace, they say SAP investors will want poof of AI adoption from clients, realized productivity benefits and evidence that the technology can contribute meaningfully to incremental growth over time. SAP shares trade 1% lower at 186.62 euros. (mauro.orru@wsj.com)

0551 ET - Shares of European semiconductor companies are in the red following a selloff in Asian chip stocks. South Korea's SK Hynix closed 2.8% lower, while Samsung Electronics shed 1.3%. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 1.7% and 4.4%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 8.2% following a stock rating downgrade from UBS. German chip maker Infineon Technologies stock loses 5%. STMicroelectronics shares are down 3.1%. Meanwhile, the E-mini Nasdaq 100 futures contract is 0.4% lower, pointing to a weak opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0549 ET - Informa's acquisition of Clarion Events adds scale, while the new strategic plan simplifies the investment case, BofA Securities' David Amira and Adrien de Saint Hilaire write. BofA says it is "unreservedly upbeat" on the Clarion acquisition and separation process of Taylor & Francis. The changes will leave Informa as a more "pure play" company, betting on the increasing value of events in an artificial intelligence world, the analysts write. The separation could also unlock value in Taylor & Francis to allow future shareholder returns, BofA notes. Informa is undervalued against its strong growth momentum and resilient track record, the analysts add. Shares are down 3.3%. (michael.hennessey@wsj.com)

0534 ET - Informa's plan to separate its academic markets business, Taylor & Francis, and buy Clarion Events is a strategic positive, Citi analysts write. The planned actions should create a higher growth business which will benefit from structural tailwinds, the analysts say. However, the outcome of the separation of Taylor & Francis remains the key unknown. Despite this, the potential long-term strategic benefits and better growth profile is more important than near-term boost, which Citi expects to be minimal. Citi increases its target share price to 11.95 pounds from 10.90 pounds and says the update reinforces its view that Informa will outperform the market. Shares are down 2.8% at 8.62 pounds. (michael.hennessey@wsj.com)

0429 ET - Dutch supplier of semiconductor assembly equipment BE Semiconductor Industries might face lower-than-expected adoption of hybrid bonding technology in the coming years, UBS analysts write in a research note. Hybrid bonding technology combines multiple materials and components at the microscopic level to create advanced semiconductor packages. "Our bottom up work suggests consensus is overestimating the hybrid bonding opportunity in both memory and logic applications, and we see downside risk to numbers," analysts say. They downgrade their rating on the stock to sell from buy and their price target to 159 euros from 370 euros. BE Semiconductor shares trade 5.8% lower at 180.85 euros. (mauro.orru@wsj.com)

0316 ET - Tencent's capital expenditure could rise to 260 billion yuan in 2027 from 210 billion yuan this year, say Macquarie analysts in a research note. Tencent's multilayer AI portfolio has delivered measurable gains in model capabilities and user adoption. However, the company's pre-payments for GPUs and components to support its AI initiatives will remain a near-term cost drag, they say.Macquarie expects slower games growth and tepid advertising and payment revenue in 3Q amid softer macro conditions. The bank maintains a neutral rating on Tencent and trims its target price to 435.00 Hong Kong dollars from HK$440.00. Shares last traded at HK$420.60.