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.

KPMG Canada's chief economist Ali Jaffery says a dose of skepticism is appropriate when reviewing the federal government's promise to increase the country's GDP by 3% via over C$2 billion in spending on the domestic artificial-intelligence sector. The 3% rise in GDP, Canadian officials say, is linked to the unlocking gains in labor productivity through the federal AI strategy. That strategy's centerpiece includes a C$500 million fund to help promising domestic AI companies, along with other expenditures. Jaffery says a long-term boost to Canada's economy of 3% of GDP, or about C$200 billion, from a C$2-billion-plus in spending "seems like an extraordinary ROI," or return on investment. He adds that if the C$2-billion-plus is aimed stimulating increased private-sector spending, "markets and businesses tend to reward credibility more than ambitious projections." (Paul.Vieira@wsj.com, @paulvieira)

1434 ET - Weakness in the larger cryptocurrency complex hasn't extended to all corners of the crypto world. According to data from CoinGlass, Hyperliquid ETFs are still recording inflows--with $12.2 million coming in yesterday. The money flow is only a fraction of other crypto tokens like bitcoin, but it's enough to push HYPE into the top 5 in traded volume, according to CoinGlass. However, HYPE is off 10% today amid the wider cryptocurrency market weakness, which may yet spur an outflow from HYPE ETFs. Bitcoin is down 4.3% to $60,877, while ethereum falls 9.9% to $1,597, and solana slides 5.2% to $65.20. (kirk.maltais@wsj.com)

1236 ET - Thomson Reuters is showing that employment reality runs counter to recent AI-driven doom narratives in legal services, according to TD Cowen's Vince Valentini. The analyst says in a note that AI adoption continues to scale rapidly among legal professionals, brushing aside fears that AI is taking services-sector jobs. "The data has yet to show that this increased adoption has led to a reduction in headcount," he says. Valentini notes that Thomson Reuters's peers are also showing healthy growth in their own legal segments. However, the analyst cautions that while the situation is positive for now, "the situation will need to be continuously monitored." (adriano.marchese@wsj.com)

1230 ET - Oracle's cloud-infrastructure ramp will be in focus ahead of the company's fourth-quarter earnings report, Deutsche Bank analysts write in a note. So far, despite limited visibility, "Oracle appears to be delivering largely on schedule which should continue to build confidence in its execution as it aims to increase its pace ahead," the analysts write. A healthy showing from the supply side should also prompt updated fiscal 2027 guidance, they write. "In our view, Oracle is entering the inflection point in its cloud buildout/investment cycle, which we expect to temporarily put pressure on margins and FCF over the next couple years," they write, adding that investors are likely to have questions on financing and leverage. Oracle is down 8.5% to $216.30. (elias.schisgall@wsj.com)

1116 ET - The crash in Zcash today is linked to an apparent exploit found in the coding of the token that allows for hackers to reproduce unlimited counterfeit tokens. Shielded Labs, an organization within the Zcash system, posted on its X account late Thursday that it found the bug using a detailed review of code via Claude. The firm says that the bug has been fixed and there's no evidence of the exploit being used, but steep selling has gripped the privacy coin. "This was a serious vulnerability, and we believe it's important to be transparent about what it means for Zcash users," says Shielded Labs in a press release regarding the exploit. Zcash is down 27% to $334.57 today. (kirk.maltais@wsj.com)

1018 ET - Bitcoin and the cryptocurrency space have been pressured by negative momentum for the past month, as investors look to equity markets for gains on AI stocks while paring risk in other categories. But the news isn't all dreary for bitcoin. According to data from CoinGlass, BTC ETFs recorded a net inflow Thursday, adding $3.2 million. It's a small net inflow, compared to a net outflow of $1.4 billion in the prior three days. But while ETFs have been pulling out for weeks, other entities are still adding bitcoin. In a note, analysts with CoinShares say that banks and governments continued to add bitcoin in 1Q, while hedge funds pulled back. Bitcoin is down 2.9% to $61,778. (kirk.maltais@wsj.com)

0942 ET - Major cryptocurrencies are falling, with bitcoin down 2.6% and ethereum off 6.2%. Among the biggest losers is Zcash, sliding 31% to $314.93. This evaporates all of the gains Zcash had in May, as the enthusiasm around the privacy coin disappears along with momentum in cryptocurrency in general. CoinMarketCap's "Crypto Fear and Greed Index" has dropped into "extreme fear" today, at a rating of 17 out of 100. It's the first time the index has been in the "extreme fear" zone since early March. (kirk.maltais@wsj.com)

0920 ET -- Ciena's first hyperscaler multi-rail order carries no revenue for this fiscal year, but the network technology company expects sales to uptick in the coming years, Stifel analysts say. Ciena's management sees this first customer for its multi-rail platform as bringing in hundreds of millions over multiple years, but disclosed that deployment won't start until 2027, the analysts say. The company also is engaging with other hyperscalers and is seeing adoption a little ahead of where management expected, the analysts say. This comes as Ciena's outlook for operating expenses was increased to $1.61 billion from $1.53 billion. Shares closed down 13% Thursday. (katherine.hamilton@wsj.com)

0551 ET - Raspberry Pi's momentum reinforces its credentials as an AI beneficiary, AJ Bell's Russ Mould writes in a note. The low-cost computer maker said the strong profitability of the first half is expected to drive full-year Ebitda significantly above current market expectations. "There was an explosion of interest in Raspberry Pi in February with surging demand for its credit card-sized computers among AI enthusiasts as a low-cost way to run [personal AI assistant] OpenClaw," Mould says. The company can pride itself on having stockpiled low-cost memory chips in 2025, given their current shortage and significantly higher cost amid a sharp rise in AI-related demand, he adds. Shares are up 24% at 10.19 pounds. (najat.kantouar@wsj.com)

0521 ET - Docusign held its annual recurring revenue forecast for 2027 steady, likely disappointing investors looking for a rise, Jefferies' Brent Thill writes. The company reported a rise in first-quarter profit after market close Thursday, and guided for a slight increase in revenue. But the company's annual recurring revenue growth rate remains between 8.25% and 8.75%, Thill notes. Investors might also be disappointed by the absence of a timeline for a return to double-digit revenue growth, the analyst writes. Overall, the results show a good start to the year, especially given the lack of any negative AI impact, he adds. Docusign shares fall 3.8% premarket.(josephmichael.stonor@wsj.com)

0341 ET - The EU's tech sovereignty push shows that Europe is serious about economic security, Nadia Calvino, president of the European Investment Bank, says at a summit in Brussels Friday. The bloc outlined plans to boost its domestic tech industry and reduce dependence from foreign companies this week. "I think this reflects that Europe is actually moving from principles and plans to delivery, execution and enforcement," she says, adding that strengthening the EU's strategic and critical infrastructure and ensuring that European companies can innovate and compete both at home and globally is what economic security is about. (edith.hancock@wsj.com)

0335 ET - Raspberry Pi Holdings appears set to maintain strong revenue and earnings momentum in 2027, Jefferies's Janardan Menon writes in a note. The low-cost computer maker said it expects first-half adjusted Ebitda to be at least $38 million. "This puts the company on course to significantly exceed our full-year forecast of $43.7 million," Menon says. This better-than-expected profitability reflects higher average selling prices, strong demand, and the use of lower-cost DRAM inventory, he notes. Shares are up 17.5% at 9.68 pounds. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

June 05, 2026 16:50 ET (20:50 GMT)

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