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.

0745 GMT - Samsung Electronics' rapid expansion of high-bandwidth memory production could squeeze supplies of other general-purpose memory chips, KB Securities analysts say. The world's largest memory-chip maker is expected to allocate 33% of its total DRAM production capacity to higher-end HBM products for artificial-intelligence applications in 2026 and 40% in 2027, up from 27% in 2025, analysts led by Jeff Kim write in a note. By contrast, Samsung's general-purpose memory chips are likely to account for 65% of its total DRAM production capacity in 2026 and 59% in 2027, down from 73% in 2025, they note. Samsung's HBM4 products could account for about 80% of its total revenue next year, up from 40% this year, they add. (kwanwoo.jun@wsj.com)

0404 GMT - Japan's data-center sector is entering a new phase as artificial-intelligence workloads become more power-intensive, Fitch Ratings says in a note. Access to electricity is increasingly influencing development timelines, site selection and project viability in Japan, the rating company says. Growing power and land constraints in Tokyo are encouraging a redistribution of future development within Japan toward locations better positioned to support AI infrastructure and rising electricity demand. Community resistance is becoming more visible in some urban developments, adding another layer of execution risk. Government policy is becoming increasingly supportive of broader geographic distribution of digital infrastructure, Fitch says. (kosaku.narioka@wsj.com; @kosakunarioka)

0316 GMT - Australia is seen by Morgan Stanley analysts as well placed to benefit from constraints on how rapidly U.S. data centers can be built to meet surging artificial intelligence demand. They think that Australia could accommodate part of this demand overflow, pointing to its data sovereignty requirements and renewables-assisted capability to power the centers. Australia already ranks in the global top five for installed data-center capacity, they say in a note to clients. While large-scale and household batteries are increasing Australia's energy storage capacity and damping forward electricity prices, U.S. data-center energy costs are becoming increasingly expensive, they add. (stuart.condie@wsj.com)

2258 GMT - Shopify plans to allow Meta's buzzy personal AI agent Muse to complete purchases on behalf of users with Shop Pay, its accelerated, one-tap checkout service. Deutsche Bank analysts say the companies' collaboration is further proof that leading AI platforms are integrating with Shopify's commerce infrastructure. "We believe the partnership helps refute the recent bear thesis that AI agents and personal shoppers could disintermediate Shopify and its large payments business," they say. The partnership shows the value of Shopify's structured product data, merchant connectivity, checkout and the underlying infrastructure required to complete an order, they say. Shares of Shopify close up 7.3%, at $137.92, on Monday. (kelly.cloonan@wsj.com)

1834 GMT - Truist analysts expect that Meta's new AI assistant, Muse, will add $28.5 billion in incremental revenue by 2030 under a base case scenario. They say in a note that Muse represents "the clearest attempt yet to build a non-ad revenue stream to complement its ad juggernaut and show ROI against its large CapEx." Meta surges 12% after the app to access the AI agent reached No. 1 in Apple's App Store. (elias.schisgall@wsj.com)

1823 GMT - Bitcoin could extend its latest rally to $90,000 if long-term investors can join the buying streak, Nansen analyst Nicolai Sondergaard says in a note. The latest run-up was driven by a combination of renewed ETF demand and a big short squeeze, not a macro-driven accumulation event, the analyst says. The biggest traders on Hyperliquid are still net short, and more bitcoin is moving into exchanges than out of them, showing that crypto-native holders haven't embraced the rally, he says. Until they do, the run-up is vulnerable to a reversal if the ETF inflows weaken or Treasury yields push higher again, he says. Bitcoin is trading around $85,800, up 5.8% from a day earlier, according to CoinGlass. (dean.seal@wsj.com)

1816 GMT - Meta is making the right strategic bet by emphasizing trust in Muse's pitch, Truist analysts say in a note, pointing out that the consequences of AI agents making mistakes or eschewing instructions can be high. Still, they say, the company's reputation might make the pitch challenging. "Muse asks consumers to trust Meta with more personal data than social media ever did, and it arrived twelve days after Meta agreed to an $18 billion settlement with 29 states over social media harms to children," they say. "For a product whose entire pitch is trust, this is not the most favorable launch context." (elias.schisgall@wsj.com)

1728 GMT - The AI trade is continuing to find strength with chip makers gaining strongly. Meta is also up 10% helped by the popularity of its Muse AI agent, the most downloaded free iPhone app in the U.S., according to Sensor Tower. The ubiquity of AI has prompted questions about liability, with the CEOs of OpenAI and Anthropic signaling that the U.S. government may need to take an active role in regulation. However, Treasury Secretary Scott Bessent says on CNBC, that he doesn't agree. "What did they try to do last week? It was, 'Well there's a 10% chance that we could destroy the world, but we want the government to give us a liability shield.' That's good business for them, bad business for the American people." (patrick.sheridan@wsj.com)

1539 GMT - Private-equity firms have reduced their investments in software compared with previous years, favoring asset-heavy businesses whose products and services are considered less prone to replacement by artificial intelligence, according to a report by the law firm Sidley Austin. The technology sector represented roughly 13% of value of U.S. buyouts this year through June, down from an average of about 30% in the five-year period through last year, Sidley says. "The pullback in activity also illustrated potential vulnerability in software valuations," the firm says. It adds that instead of resolving valuation disputes through negotiation of deal financials, "buyers and sellers now increasingly disagree on [the] more fundamental question" of how vulnerable a software business is to AI-driven disruption. (luis.garcia@wsj.com)

1019 GMT - Grab's takeover of buy-now pay-later platform Atome comes at a high price, Peter Milliken of Deutsche Bank research writes in a note. Grab is "paying top dollar" to expand its buy-now pay-later business six-fold, Milliken says. The two-tranche structure of the deal suggests that Atome is expected to generate around $200 million in adjusted Ebitda by 2028, Milliken adds. "Grab likes the idea of using its combined data to improve both companies' credit models, and scaling the foundational infrastructure across a much larger loan book," Milliken says. DB retains a buy rating but trims its target price to $5.60 from $6.40. Shares closed at $2.80 on Friday. (kimberley.kao@wsj.com)

1010 GMT - Singtel's shares could benefit from rerating catalysts, Macquarie Capital research analyst Zhiwei Foo says in a note. Every S$300 million of contracts won by Singtel's GPU-as-a-Service business, RE:AI, is estimated to drive a S$0.12 increase in the stock's fair value, assuming all else is equal, according to Foo. Singtel may revisit its conservative Ebit outlook in November, says Foo, who estimates a 12% Ebit increase for the year ending March, above the company's guidance. The results will likely be driven by Optus in Australia and the digital-infrastructure and AI businesses, Foo adds. Macquarie retains an outperform rating on the stock but lowers the target price to S$4.98 from S$5.29 on lower fair values for regional associates and significantly weaker foreign-exchange rates. Shares close at S$4.33. (kimberley.kao@wsj.com)

0949 GMT - The AI bubble hasn't burst yet, according to Capital Economics' Thomas Mathews in a research note. "We don't think the fall in tech stocks' relative valuations means the AI bubble has burst yet, and the rally may have a bit further to go," the head of markets of Asia Pacific says in a note. If oil prices keep falling, and manage to bring yields with them, a tech-led relief rally is therefore possible even though the index hasn't fallen that much, he says. "There's potential for market-moving news at the U.S.-China meetings, but our best bet is that progress, and any resultant market reaction, will be minor," he adds.