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.

1137 ET - Anticipation over the SpaceX IPO, and others expected from OpenAI and Anthropic, is seen as prompting outflows from bitcoin ETFs, on the theory that capital is moving back to more explosive assets. "We think the speculation has some teeth," says Colin Basco of Coinbase Institutional in a note, adding that the SpaceX IPO is competing "directly for the same pool of risk capital that funds speculative assets like crypto." Still, Basco admits "there is no clean way to trace a dollar from a redeemed bitcoin ETF into a SpaceX allocation." Bitcoin is up 0.8% to $63,860, according to LSEG data. (kirk.maltais@wsj.com)

1126 ET - Bitcoin is up 0.6% to $63,715, building on Thursday's move higher. While money is still coming out of ETFs, data from CoinGlass shows outflows slowed to $22.5 million yesterday. Overall, markets continue to watch for progress toward a U.S./Iran deal, but the bigger economic picture remains tough for bitcoin and cryptocurrencies, says Colin Basco of Coinbase Institutional in a note. "This is precisely the regime crypto struggles with," he says. "Firmer rate pressure, a stronger dollar, and reduced appetite for speculative duration all weigh directly on it." (kirk.maltais@wsj.com)

0953 ET - Adobe's decision to accelerate new user acquisition through a focus on its freemium offerings looks like a long-term bet, with JPMorgan analysts warning it could take time to see how the strategy will play out. "Our impression is that, fundamentally, Adobe is consciously choosing to invest to capture a larger, long-term opportunity presented by the proliferation of AI, with the trade-off being near-term ARR dollars," the analysts say. In the shorter term, investors will likely remain skeptical and wait for the strategy to actually flow through to results as AI-related uncertainties and fears persist, they say. JPMorgan cuts the price target to $340 from $420. Adobe is off 8% in early trading. (kelly.cloonan@wsj.com)

0939 ET - Analysts see logic in Adobe's move to focus on its freemium tier, given AI has led to increased competitive pressure in the creative industry. "With the rise of Canva and AI Labs, Adobe has found itself in competition/co-opetition with a wider set of providers for creative's attention than any point in recent history," Stifel analysts say in a note. But while the strategy shift has the potential to put users on a path to paid conversion, it removes some visibility, the Stifel analysts say. Mizuho analysts reiterate that point. "While we very much understand the rationale for ADBE's strategic shift, this also raises the level of uncertainty by introducing substantial changes to monetization," they say in a note. Adobe is off 8% in early trading. (kelly.cloonan@wsj.com)

0828 ET - A strategy shift and further executive turnover are complicating Adobe's growth trajectory, Stifel says in a note. The company is pivoting to its freemium user growth, a move that makes sense as the rise of AI tools ramps up competition, the analysts say, but comes at the expense of near-term annual recurring revenue [ARR] upside and visibility. Adobe also announced plans for CFO Dan Durn to depart, adding more leadership uncertainty as its CEO is also expected to step down this year. In the latest results, the analysts say they viewed a modest ARR beat and raise as the base case, and that investors were looking for consistent upticks throughout the year to support sustainable double-digit growth. "That's now off the table in the near-term," the analysts say, cutting their rating stock to hold from buy. Adobe is off 7% premarket. (kelly.cloonan@wsj.com)

0640 ET - Large U.S. technology companies are entering the euro credit market to issue new corporate bonds, LBBW's Matthias Schell says in a note. Since the start of 2026, Amazon and Alphabet have issued 14.5 billion euros and 9 billion euros in new euro credit, respectively, supported by strong investor demand, Schell says. "Thanks to the high volume generated by the two tech giants, the internet sector has surged to the forefront in terms of new issue volume in the euro market." (miriam.mukuru@wsj.com)

0535 ET - Shares of European semiconductor companies are on the rise as investors await SpaceX's market debut on Friday. Elon Musk's rocket maker already raised about $75 billion in an offering that valued the group at roughly $1.77 trillion, and shares are set to begin trading at midday in New York. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 2.3% and 1.7%, respectively. Shares of BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, are up 2%. German chip maker Infineon Technologies is up 1.6%. STMicroelectronics shares are up 2.2%. Meanwhile, the E-mini Nasdaq 100 futures contract is up 0.4%. (mauro.orru@wsj.com)

0522 ET - Baidu may step up 2026 capital spending as it views AI model development as a core priority, Daiwa analysts say in a research note. Baidu management aims to re-prioritize investments towards foundational model capabilities, aiming to return to tier-1 positioning in China, the analysts said. Baidu's total AI investment this year, including capital expenditure and operational expenditure, could potentially exceed 2025 levels of US$4 billion, they say, adding that investment intensity could remain elevated over the next 12 to 18 months as Baidu accelerates efforts to close the AI model capability gap. Daiwa thinks this investment is necessary to strengthen its long-term competitiveness although it may weigh on near-term margins. Shares last ended 2.2% higher at HK$115.60. (sherry.qin@wsj.com)

0426 ET - Adobe shares are down Friday premarket after the software company said it would focus on acquiring new customers through artificial-intelligence offerings without immediate paywalls. Finance chief Dan Durn said the shift would come at the cost of annualized recurring revenue in the short term, but that it would boost monthly active users and subsequently feed into sales. "While the push for customer acquisition is likely the right strategy, it adds to the list of transition items and leaves AI monetization unanswered," Jefferies analysts write in a note to clients. Adobe stock closed 6.3% lower at $218.80 ahead of results on Thursday. Shares are down over 4% at $209.62 Friday premarket.(mauro.orru@wsj.com)

0207 ET - A significant order for Bittium Oyj points to a useful shift in the Nordic region's procurement culture, Stifel's Thomas Mordelle says. Finnish defense-industry supplier Bittium said this week it received a 14 million-euro order from its country's army for radios and related software, part of an agreement between Finland and Sweden. With regional governments increasingly working together to secure military goods, the order "underline[s] a structural shift in procurement logic from fragmented national contracts to coordinated, multi-country frameworks in the Nordic region, positioning Bittium to benefit from greater demand visibility, larger aggregated volumes, and deeper system integration over time," Mordelle says. Stifel has a buy rating and a 40-euro target price on the Helsinki-listed stock. (joshua.kirby@wsj.com; @joshualeokirby)

2154 ET - Malaysia's stock market is likely to be driven by external risks in 2H, including tensions in the Middle East, supply-chain disruptions, inflation pressures and potential U.S. rate increases, says Imran Yassin Yusof at MBSB Research. He recommends a defensive investment approach that emphasizes stable, lower-risk stocks while retaining selective exposure to growth opportunities. Should market risks ease, investors could gradually increase exposure to cyclical and growth-oriented stocks while maintaining a core holding of defensive names, he says in a note. Tenaga Nasional, CelcomDigi, CIMB Group and Inari Amertron are among MBSB's preferred picks. (yingxian.wong@wsj.com)

1228 ET - Cash App unveils Cash App Mobile, an unlimited 5G phone plan running on AT&T's network and using technology from telecommunications company Gigs. The $40-a-month plan, the Block-owned business says, is targeted toward "Modern Earners - the young adults, underbanked consumers, and gig workers who depend on connectivity to manage daily life." The phone plan will be connected with Cash App's financial services, and the company says it "plans to deepen how Mobile connects to the rest of its ecosystem through Cash App Green and Families." (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

June 12, 2026 12:20 ET (16:20 GMT)

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