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.

1157 ET - Adobe is looking to further integrate its Acrobat and Express products. Customers are increasingly looking to use both products for the same projects, driven by "an absolute explosion in the demand for content creation," David Wadhwani, digital media business president, said during an analyst call Thursday. Acrobat does tasks like summarizing a document, while Express can create a graphic based on that information. To meet this demand, which has grown with the popularity of AI, Adobe is planning a deeper integration between the two features, which it plans to roll out in the second half of this year, Wadhwani said. (katherine.hamilton@wsj.com)

1151 ET - Adobe believes its legal use of generative AI will eventually be a tailwind, as companies are starting to sue less formal AI companies. Disney and Universal this week sued AI company Midjourney claiming it made illegal copies of the studios' copyrighted works. Adobe management said on a call Thursday its AI features are commercially safe because it pays contributors who train the AI. "We see a lot of companies selecting FireFly … because of the commercial safety of it," David Wadhwani, digital media business president, said. "We believe it's a safe bet for the long-term in this industry." (katherine.hamilton@wsj.com)

0918 ET - Despite Advanced Micro Device's efforts to compete with Nvidia, Oppenheimer analysts Rick Schafer and Wei Mok say in a research note that the companies remain in different leagues. "Nvidia maintains an incumbent lead and continues to push the goal post forward," they write. Still, the analysts applaud the progress AMD has made in capturing server share and accelerating growth. Overall, they say AMD's "Advancing AI" event Thursday was mostly uneventful, with management recapping the company's already understood roadmap and strategy. "We remain sidelined as AMD's AI vision proves out," the analysts say. AMD off 2% premarket. (connor.hart@wsj.com)

0845 ET - Adobe's results were advertised as a beat and raise, but Melius Research is skeptical about the math. The analysts say in a research note that the software maker's lower share count for the year helped its EPS, and this, along with other factors could mean its revenue raise might be more how the company managed expectations than strength in the business. "Competition from upstarts like Canva, others and the cloud giants should only intensify, and we still think AI will be difficult to monetize, so we remain on the sidelines," say the analysts. They also note that net new digital media annual recurring revenue was a little higher than expected, and that the 11% growth target for FY25 was also maintained. Adobe is off 4% premarket. (denny.jacob@wsj.com; @pennedbyden)

0840 ET -- Advanced Micro Devices is increasingly positioning itself against Nvidia, Stifel analysts say in a research note. Through a series of recent acquisitions, AMD has bought key talent to accelerate the pace of innovation toward closing the gap between itself and Nvidia, the analysts write. They additionally note that several of these acquired leaders are helming AMD's first rack-scale solution, with anticipated specs such as added memory and bandwidth capabilities that should position it comparably to Nvidia's upcoming Vera Rubin-series GPUs. "In doing so, AMD continues to communicate that they are building a parallel, open and cost-efficient alternative to NVDA, as opposed to a winner-take-all-market," the analysts write. (connor.hart@wsj.com)

0820 ET - Stifel says Adobe has a solid F2Q, backed AI momentum, but investors were looking for more. "We believe the primary sticking point for investors coming out of the quarter was a consistent outlook for Digital Media ARR, despite the quarterly beat and upbeat commentary around numerous product categories and features," the analysts say. They add that Adobe disclosed standalone AI ARR is tracking ahead of its $250 million target for the end of the year, which they see as a positive signal of its ability to drive adoption and monetization across a number of different AI tools and packages. Adobe is off 3% premarket. (denny.jacob@wsj.com; @pennedbyden)

0652 ET - Deutsche Telekom is likely to report a strong second quarter in Germany along with further guidance upgrades, Morgan Stanley analysts write in a note. The German telecom group's shares momentum has slowed down due to a weaker U.S. dollar and T-Mobile's share-price fall, they note. T-Mobile is Deutsche Telekom's U.S. subsidiary. However, the company's German segment remains a strategically well-positioned business, they say. The group's focus on key services in the region insulate the German unit from fierce domestic competition, they add. Shares are down 2.3% at 30.36 euros. (najat.kantouar@wsj.com)

0603 ET - Novo Nordisk has regained its spot as Europe's most valuable company, dethroning German business-software group SAP. Shares in the Danish pharmaceutical giant were 2.5% higher in late morning trade after announcing late Thursday it will advance its experimental obesity drug amycretin into late-stage development. That pushed its market capitalization up to $365.8 billion, topping SAP's $364.6 billion valuation as shares in the German company slipped 2%. SAP had claimed the crown in March, when it overtook Novo Nordisk. Shares in the Danish drugmaker have been pressured by some disappointing results in recent trials, as well as concerns over lower pricing in the U.S. and mounting competition. Shares have gained 25% since the company announced a month ago it was seeking a replacement for its chief executive. (dominic.chopping@wsj.com)

0532 ET - Proximus's dominance in Belgium's business-to-business market is likely to be weaken by peers, ING analyst David Vagman writes in a note. The Belgian telecommunications operator leadership reflected strong long-time relationship with Belgian corporations, he says. However, the company's leading position has been challenged by technological innovations and competitors efforts to gain further market share, he notes. "Players such as Telenet and Orange Belgium have been ramping up their efforts at this market and can now also offer national fixed solutions," he adds. Proximus shares are up 0.7% at 7.88 euros, while Orange shares are down 0.2% at 12.67 euros. ( najat.kantouar@wsj.com)

0318 ET - Malaysia's technology sector remains clouded by tariff threats amid continuous global consumer electronics demand uncertainties and cautious investment sentiment, says Apex Securities analyst Jayden Tan. Many technology companies have cited a cautious outlook in their recent quarterly results. These companies continue to adopt a cautious stance, deferring major investments amid lack of clarity in trade policy, Tan says. However, despite near-term macro and policy uncertainties, Apex Securities maintains an overweight rating on the Malaysian technology sector. The sector has largely priced in prevailing risks, including tariff concerns and forex volatility, Tan says.(amanda.lee@wsj.com)

0120 ET - A potential stake acquisition in South Korean gaming company Nexon by Tencent could strengthen their long-term partnership on the Dungeon & Fighters series, as part of Tencent's strategy to expand its gaming portfolio, Daiwa analysts write in a note. Media reports suggest Tencent is considering acuqiring a stake in Nexon by approaching the family of the company's late founder, Kim Jung-ju. Kim's family owns a 44.4% stake in Nexon parent NXC and its affiliate. Daiwa doesn't view a full buyout of the $15 billion company as likely. Itmaintains a buy rating for Tencent, with a target price of HK$670 for its stock, which last trades HK$509.00.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

2141 ET - Superloop's bull at Citi looks past the end of the Australian internet-access provider's current year and sees accelerating momentum in both its consumer and wholesale operations. Analyst William Park cites factors including the ramp-up of Superloop's contract to provide branded access to power retailer Origin Energy. He tells clients in a note that feedback from Origin points to continuing momentum in customer additions. Park also thinks that competitive pricing for higher-speed tiers could underpin market-share gains as consumers progressively migrate to such plans. Park raises his Ebitda forecasts by 1% for FY 2026 and by 5% for FY 2027. Citi raises its target price 26% to A$3.35 and keeps a buy rating. Shares are down 0.7% at A$2.85. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

June 13, 2025 12:20 ET (16:20 GMT)

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