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.

0620 GMT - Xiaomi is likely to prioritize high-end smartphones even more as memory accounts for a smaller share of the cost of these devices, says Dan Baker, senior equity analyst at Morningstar. The analyst expects a 10% decline in smartphone revenue this year and flat revenue in 2027. Xiaomi will likely to sell 580,000 units of electric vehicles in 2026 and 800,000 a year by 2030, he says. Morningstar cuts its 2026 and 2027 operating profit forecasts by around 20%, but sees smaller reductions after those years, assuming a more normal memory market by then, he says. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0514 GMT - Investors with a medium-term investment horizon could consider building positions opportunistically, especially in oversold stocks, Nomura analyst Chetan Seth says in a note. Fundamentals remain broadly intact for Asian tech-hardware companies leveraged to the AI capex theme, as well as select stocks in South Korea, China and India. However, Nomura warns that the near-term outlook remains clouded by geopolitical risks, with markets likely to stay volatile and headline-driven. (venkat.pr@wsj.com)

0324 GMT - Advanced Micro-Fabrication Equipment is riding a strong memory-expansion cycle in China, Daiwa Capital Markets analysts say. Based on Daiwa's industry checks, Chinese memory makers are set to aggressively expand capacity in 2026-2028 amid a global shortage, aiming to capture domestic market share. From 2026, China's DRAM players are likely to increase local sourcing of semiconductor production equipment, positioning Advanced Micro-Fabrication Equipment as a key beneficiary. Daiwa is upbeat on the company's 2026 order outlook. It raises the stock to buy from hold and lifts the target price to 360.00 yuan from 280.00 yuan. Shares are 2.3% higher at 313.40 yuan. (ronnie.harui@wsj.com)

2226 GMT - Private-market firms invested $34.8 billion in digital infrastructure--including data centers, fiber networks and telecommunications assets--across developing markets across the prior four years through 2025, roughly 76% more than in the previous four-year period, according to the Global Private Capital Association. The trade group says rising demand for artificial intelligence, streaming and cloud services as well as mobile data drove the buildout. It also cites "data localization, cybersecurity and cloud governance rules that require critical data to be stored and processed locally" in countries such as India, Brazil and Nigeria. Latin America accounted for 31% of the total invested in the most recent period, with investments leaning "heavily toward fiber network consolidation and last-mile connectivity," GPCA says. (luis.garcia@wsj.com; @lhvgarcia)

1814 GMT - Google has the ad business that is most resilient in the event of slower consumer spending due to elevated oil prices, say Oppenheimer analysts. Google Search has higher advertiser exposure to services and non-discretionary items compared with Meta's reliance on direct-to-consumer e-commerce. While oil spikes will likely hurt second-quarter ad budgets, Google has plenty of runway to expand its ad business with AI Overviews, AI Mode and Gemini, channels that should generate better conversion. Google's expense structure is also better positioned to handle a slowdown in revenue as compared with Meta because Google's AI investments benefit both its search and cloud businesses. (nicholas.miller@wsj.com)

1720 GMT - Apple's 2025 Worldwide Developers Conference was a "yawner," Wedbush analysts write in a note, with the company declining to provide updates on its long-awaited artificial-intelligence advancements. But there'll be no snoozing this year. At the upcoming WWDC in June, "Apple is expected to dive into detail around AI advancements in June with Apple needing to deliver a successful AI strategy taking place in Cupertino after pushing this marquee release back last year," the analysts write. They expect Apple to detail the integration with Google's Gemini, the use of AI in Siri, and new tools for AI integration for developers. Wedbush also expects Apple to launch an AI subscription service by 2027. (elias.schisgall@wsj.com)

1446 GMT - Despite the challenges Versant faces in its linear TV business, the company has opportunities to develop and grow other revenue streams, whether organically or through acquisitions, says Seaport Research Partners analyst David Joyce says in a note. Versant's Fandango is expected to launch an ad-supported streaming service this year, while MS NOW and CNBC also plan on releasing genre-specific direct-to-consumer subscription services, Joyce says. Additionally, the company's focus on golf "should lead to more market share in GolfNow tee time bookings and golf course relationships globally, as well as cross-selling with its subscription-based GolfPass offering," Joyce says. (nicholas.miller@wsj.com)

1440 GMT - Versant could be a winner from the disruption to the sports rights market caused by the NFL's desire to renegotiate its long-term contracts, says Seaport Research Partners analyst David Joyce in a note. "We think that opportunities could arise for VSNT to sublicense or otherwise pickup 'secondary' sports rights that other media companies may need to jettison to fund their desire to remain in partnership with the NFL," Joyce says. In such a scenario, Versant could benefit from better trajectories of subscriber retention, affiliate fee growth and advertising, Joyce adds. It could however take three years to reprice contracts with stations to reflect that extra value of more sports rights, he says.(nicholas.miller@wsj.com)

1432 GMT - Investors may be worried about the decline of Versant's linear cable business, but the company can use its high cash flow generation to invest in areas adjacent to and supportive of key operating segments, Seaport Research Partners analyst David Joyce says in a note. Versant trades at a sizable discount to peers with linear TV exposure, even though the company's genres and sports exposure should insulate it well, he says. "The portfolio of those genre-specific networks can spur growth and fund the supportive and adjacent Platform opportunities that could offset linear declines in time," Joyce says. Meanwhile, Versant should generate $1 billion in free cash flow in 2026, which could fund $500 million in dividends and share buybacks, Joyce says. (nicholas.miller@wsj.com)

1205 GMT - Bitcoin is struggling to recover as U.S. real inflation-adjusted yields rise and the computational power used in bitcoin mining, or hashrate, falls, Marex crypto analysts say. "When real rates push higher, bitcoin tends to lose marginal buyers and rallies become shorter lived," they say in a note. Bitcoin's hashrate fell during the first quarter, the first decline in six years, as miners shifted capital to artificial intelligence infrastructure. Meanwhile, Strategy has paused bitcoin purchases, breaking a pattern the market had become comfortable with, the analysts say. Bitcoin trades steady at $66,625 after earlier modest gains driven by a WSJ report that President Trump is willing to end U.S. attacks against Iran, LSEG data show. (renae.dyer@wsj.com)

0921 GMT - European software stocks extend a rally that began Monday as investors move on from last week's renewal of artificial-intelligence competition fears. A basket of European software stocks is 1.2% higher after gaining 1.95% in the last session. In London, Sage climbs 1.6% and RELX gains 1.5%. London Stock Exchange Group moves 2.2% higher after climbing 4.3% Monday. LSEG fell excessively earlier this year during broader selling that tore through software stocks, Bank of America analysts say. Concerns over AI replacing software services are overstated, they write. Dutch group Wolters Kluwer rallies 2.7%, while SAP--the largest company in the DAX--gains 0.8%. Capgemini is the sharpest riser in France's CAC 40, surging 3.65%. (josephmichael.stonor@wsj.com)

0920 GMT - Cryptocurrencies are lacking the strong institutional inflows needed for a sustained move higher, Saxo Bank analysts say in a note. Positioning in the options market remains defensive, they say. Investors continue to buy protection against the risk of falls in crypto-linked equities and exchange traded funds through put options in names such as Coinbase and iShares Bitcoin Trust ETF. However, there is selective long-dated buying of call options, which expect an asset price to rise, in names like Strategy. ETF flows remain mixed, with bitcoin ETFs seeing modest inflows and ether ETFs seeing outflows. Bitcoin is steady at $66,627, LSEG data show. Ether climbs 0.7% to $2,036. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

April 01, 2026 04:20 ET (08:20 GMT)

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