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.

1613 ET - Investors are souring on Intuit after the company guided for growth to slow this fiscal year, forecasting revenue up 9% to 10%, compared with 14% growth in the latest year. The projection also missed Wall Street's estimate for a roughly 11% increase. The guidance factors in potential changes in the company's TurboTax business, including a possible free offering aimed at attracting customers with adjusted gross incomes around $50,000, in the hopes of eventually selling them other services, CFO Sandeep Aujla says in an interview. The company's guidance also includes expected declines in its desktop business, and the performance of its Mailchimp business, he says. The stock slides 4.9% to $340.08 in late trading. (kelly.cloonan@wsj.com)

1239 ET - A look at hyperscalers' most recent earnings suggests that the momentum behind custom silicon chips, or ASICs, remains strong, creating upside potential for custom chip makers Broadcom and Marvell Technology, JPMorgan analysts write in a note. Google's most recent results suggested continued investment in its internal TPUs, they note, while Amazon "was much more explicit in validating the custom ASIC thesis" in touting demand for its Trainium chips. "AI infrastructure is becoming increasingly heterogeneous, with hyperscalers optimizing across GPUs, custom AI ASICs, CPUs, networking, and connectivity to improve TCO, performance per watt, supply assurance, and workload-specific efficiency - all of which are highly supportive of our top picks: AVGO and MRVL," the analysts write. Broadcom ticks up 0.4%, while Marvell trades up 5.6%. (elias.schisgall@wsj.com)

1232 ET - The most recent earnings cycle for hyperscalers and cloud service providers suggests that returns on artificial-intelligence investments are improving, JPMorgan analysts write in a note. "The bottom line here is that while it may still be too early to declare victory on AI capex ROI, the green shoots are clearly evident," they write. Commentary from Google, Microsoft, and Amazon points to stronger demand visibility and attractive returns for incremental capacity deployments, with Amazon's commentary in particular implying that investments in servers and networking break even in two or three years. "These trends suggest that prior capital investments may now be translating into stronger backlogs, accelerating cloud business growth, and improving cloud business profitability, though the durability of these benefits remains to be seen," the analysts write. (elias.schisgall@wsj.com)

1039 ET - U.S. and eurozone technology sector new debt supply has risen sharply in recent months, causing tech sector credit spreads to widen more notably than in other sectors, Societe Generale's Juan Valencia says in a note. Large technology companies are expected to issue more debt for the remainder of 2026, which could put further pressure on the sector's credit spreads, Valencia says. Nonetheless, the broader U.S. and eurozone credit market is expected to remain resilient given strong corporate profitability and a prudent approach to spending by businesses, he says. (miriam.mukuru@wsj.com)

1022 ET - SpaceX's artificial-intelligence ambitions are coming into sharper focus, and JPMorgan analysts they feel increasingly bullish on Grok. SpaceX recently earlier this month closed its acquisition of Cursor, a move the analysts say in a research note marks an important step in building out its enterprise AI capabilities. "Importantly, we have already seen the benefits of Cursor data incorporated into Grok's supplemental training, with tangible improvements in recent model performance," they write. Looking ahead, Grok 5--expected by December--should represent a substantial step up in scale and capacity. "While near-term AI revenue is largely driven by premium compute deals, we expect improving Grok monetization, particularly among enterprises, to become an increasingly important driver over time," the analysts say. (connor.hart@wsj.com)

0452 ET - Nvidia's earnings will serve as "the acid test" for artificial-intelligence supply-chain stocks, Tickmill Group's Patrick Munnelly says in a note. Nvidia is due to report its fiscal 2Q earnings Wednesday after market close. Munnelly notes that the immediate pressure on tech stocks has eased lately after a sharp slide in the Philadelphia Semiconductor Index amid rising Treasury yields and geopolitical tensions. "Nvidia's multi-day losing streak reflects proactive portfolio de-risking rather than structural distress, but the market's tolerance for anything less than a flawless report is extremely limited," he says. (sherry.qin@wsj.com)

0451 ET - The cost of euro credit default protection declines as markets stabilize ahead of Nvidia's earnings report due on Wednesday. The tech giant's earnings are likely to influence market sentiment around AI investments, Tickmill Group's Patrick Munnelly says in a note. "The market's tolerance for anything less than a flawless report is extremely limited," he says. The iTraxx Europe Crossover index of euro high-yield credit default swaps falls 1 basis point to 248bps, S&P Global Market Intelligence data show. (miriam.mukuru@wsj.com)

0451 ET - Alibaba's long-term outlook remains attractive after its new-share placement, according to Morningstar's Chelsey Tam in a research note. "Although Alibaba is placing shares below our fair value estimate, it is not materially destroying value at this price," the senior equity analyst says. The share sales alone would cut Morningstar's fair value estimate by 1.4%, she says. "The equity raise improves Alibaba's funding mix and lowers balance sheet risk," she adds. Long-term investors and insiders find the shares attractive, she adds. Morningstar trims its fair value estimate for Alibaba by 3% to 201 Hong Kong dollars a share and continues to view Alibaba's shares as undervalued. Shares closed at HK$118.47. (tracy.qu@wsj.com)

0445 ET - DIGI Spain Telecom's medium-term growth outlook seems clear as the company keeps expanding its footprint, UBS's Ondrej Cabejsek and Oba Agboola write in a note. The telecommunications operator's progress is now anchored in the rapid expansion of its fibre-to-the-home network and structural cost advantages, they say. That allows the company to implement a strategy of significant price discounting, they add. "We estimate that between 2025 and 2030, DIGI Spain's Ebitda can roughly triple, which should serve as a key re-rating mechanism," they say. The Swiss bank initiates its stock coverage with a buy rating and a target price of 7.80 euros. Shares are up 7% at 7.11 euros. (najat.kantouar@wsj.com)

0419 ET - Shares of European semiconductor companies are in green territory on Tuesday following Monday's selloff. Chinese tech giant Alibaba said it planned to raise $10.2 billion to invest in artificial intelligence, weighing on global chip stocks on Monday. On Tuesday, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 0.5% and 0.2%, respectively. German chip maker Infineon Technologies gains 1.8%. STMicroelectronics shares are up 0.7%. Meanwhile, the E-mini Nasdaq 100 futures contract is 0.4% higher, pointing to a positive opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0411 ET - Global shipments of flat panel displays are expected to decline 4.7% in 2026 as rising memory prices push up smartphone and tablet prices and weaken consumer demand, according to Counterpoint Research. Organic light-emitting diode displays and mini LED displays remain bright spots, with brands increasingly focusing on premium products, the research firm notes. Automotive displays continue to outperform other segments as vehicles incorporate more and larger screens, it says. While monitor and laptop panel shipments are forecast to decline further in 2027, the industry is finding support from advanced display technologies and growing demand in automotive electronics. (sherry.qin@wsj.com)

0326 ET - Lens Technology's 2Q gross margin expansion appears to validate DBS Group Research's thesis of a rerating for the Chinese electronics component maker, thanks to its customers' higher consumer-electronics specifications. The quarterly results suggest that higher content value, product-mix optimization and automation could more than offset the contraction in lower-value assembly revenue, says analyst Jim Hin Kwong Au in a note. The potential foldable Apple iPhone could be a major near-term earnings and valuation catalyst for Lens Tech, he adds. He cites Lens Tech's estimated 60% share of manufacturing conventional iPhone glass and expectations that it would be the exclusive supplier of ultrathin glass for possible foldable iPhones. DBS maintains its buy rating and 41.00 Hong Kong dollar target price. Shares fall 2.15% to HK$23.62.