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.

0814 GMT - Shares of European semiconductor companies are in negative territory as investors sell off tech stocks with exposure to artificial intelligence. In Asia, South Korea's SK Hynix and Samsung Electronics closed 2.4% lower. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 1.1%. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 0.5%. German chip maker Infineon Technologies stock loses 2.5%. STMicroelectronics shares are down 3.3%. Meanwhile, the E-mini Nasdaq 100 futures contract is 0.5% lower, pointing to a weak opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0704 GMT - Vodafone Group's new U.K. business VodafoneThree is shaping up to become a bright spot for the U.K. telecommunications group, analysts at Deutsche Bank say in a research note. The company set out new midterm targets for its U.K. unit that look impressive, especially in the context of a highly competitive market in the country, the analysts say. The new targets imply between 2.2 billion and 2.8 billion pounds of adjusted Ebitda after leases by fiscal 2032 for the unit and are likely toward the upper end of analysts' expectations, according to Deutsche Bank. The update also supports Deutsche Bank's upbeat view on the prospects for the group's cash flow and share price, given that its U.K. and Africa businesses should help offset pressures elsewhere, the analysts add. (adria.calatayud@wsj.com)

0634 GMT - China's semiconductor self-sufficiency or localization rate could reach 47% in 2030 from around 34% in 2025, with mature nodes at the top followed by memory chips, say Nomura analysts in a research note. The ongoing U.S.-China economic decoupling will likely drive more capacity localization, creating opportunities for domestic chip designers, foundries, and memory makers. Strong demand is transmitting upstream into the supply chain, offering significant upside potential for equipment and material vendors. Nomura expects China's wafer fab equipment market size to grow 27% to $55.4 billion in 2026 and reach $103.5 billion in 2030. (sherry.qin@wsj.com)

0631 GMT - Higher inflation poses a headwind for private equity, says Franklin Templeton CEO Jenny Johnson. Inflation in the U.S. is passing through to more expensive energy and materials. Buyouts in private equity have slowed, and if interest rates stay higher that's likely going to get harder and harder, she says. Many private-equity firms held their paper and built their companies during a zero-rate environment. "Now you have to carry that cost," she adds. "The exits are becoming harder, so I think there's areas where you have to be careful." But that always turns into opportunities, says Johnson. There are really good opportunities on the venture side that people overlook. "Everybody talks so much about AI. They're not talking about other technologies that are pretty impressive," like 4-D printing. (fabiana.negrinochoa@wsj.com)

0506 GMT - LG Electronics could continue to grow earnings despite challenges from sluggish demand, higher raw-material and logistics costs amid geopolitical tensions, Nomura analysts Eon Hwang and YJ Kim say. The analysts expect the South Korean consumer-electronics giant to remain profitable, supported by restructuring efforts and the expansion of new businesses, including AI data-center chillers. They expect the company's standalone operating profit to jump 90% to 3.4 trillion won in 2026 and rise 6.3% to 3.6 trillion won in 2027. Citi downgrades the stock to neutral from buy, saying growth in the new AI data-center chiller business has been largely priced into its recent rally, but raises its target price to 200,000 won from 160,000 won. Shares are last 3.1% lower at 201,500 won. (kwanwoo.jun@wsj.com)

0352 GMT - Samsung Electronics could benefit from increasing production of its high-end DRAM product, high-bandwidth memory 4, in 2027, Citigroup's Peter Lee and Jayden Oh say. The analysts expect prices for Samsung's HBM4 12hi product--the most advanced HBM4 variant with 12 DRAM dies stacked vertically--to surge 100%-150% to $4-$5 per gigabit in 2027. "Looking ahead, we expect SEC's market leadership to strengthen further as HBM4 ramps up, supported by its leading production capacity and technology," they write in a note. Citi views Samsung's 3Q preliminary earnings as solid, despite unfavorable foreign-exchange headwinds and additional bonus costs.(kwanwoo.jun@wsj.com)

0238 GMT - TSMC could deliver over 40% revenue growth into 2027 amid robust AI compute demand, potential upside from agentic AI and the emergence of a co-packaged optics networking cycle, Citi analysts say in a research note. TSMC's AI revenue growth could nearly double next year given most of its AI chip customers, including Nvidia, AMD and Broadcom, are expecting accelerating growth, they say. As a result, Citi expects continuing consensus earnings upgrades for the chip maker. TSMC's capex could further rise to US$81 billion and US$90 billion in 2027 and 2028, respectively, supported by strong its revenue outlook, they note. Citi maintains its buy rating on TSMC and raises its target price for TSMC to NT$4,000 from NT$3,800. Shares are at NT$2,560.00. (sherry.qin@wsj.com)

0021 GMT - GoTo Gojek Tokopedia's current valuation looks attractive and provides upside after a technical selloff following the removal of the 50 rupiah price floor by the Indonesian market regulator in late September, says Citi analyst Ferry Wong in a note. The bank closes its negative short-term view and opens a 90-day positive catalyst watch. However, it cuts FY26-28 adjusted Ebitda estimates by 9%, 17% and 20%, respectively, to factor in the government's cap on ride-hailing commissions and potential delivery commissions. Citi lowers the stock's target price to IDR80 from IDR95 but maintains a buy, saying the market appears to assign little value to GOTO's operating businesses. Shares last closed 3.2% lower at IDR30. (venkat.pr@wsj.com)

2242 GMT - Xero's bull at Citi opens a positive catalyst watch ahead of the accounting-software provider's first-half result, telling clients that recent share-price weakness represents an enhanced buying opportunity. With an unchanged "buy" recommendation on the stock, analyst Siraj Ahmed writes in a note that he expects strong revenue growth, including 44% at its Melio unit. Ahmed anticipates strong cost control that could put Xero on track to beat margin expectations for its full fiscal year. Citi cuts its target price 19%, to 91.55 Australian dollars, on lower valuation multiples across peers including Intuit. Shares are at A$56.10 ahead of the open. (stuart.condie@wsj.com)

1535 GMT - 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)

1502 GMT - 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)

1456 GMT - 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."