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.

1635 ET - The publicly traded Securitize is set up for a big win with the SEC's proposal this week to overhaul transfer agent rules, StoneX analyst Mark Palmer says in a note. The proposal, which would be the first substantive rewrite of the rule since the early 1980s, embraces blockchain technology and calls for reporting that would distinguish issuer-sponsored tokenized issues from those sponsored by third parties, the analyst says. It also considers tying wallet addresses to a master securityholder file, he says. Securitize is a registered transfer agent that has spent years building that kind of infrastructure while other firms followed rules for paper certificates, the analyst says. The SEC's proposed rule would strengthen the company's strategic moat, Palmer says. Shares closed up 4.2% at $6.51. (dean.seal@wsj.com)

1546 ET - Enterprise technical debt and the heightened cyber threats from artificial-intelligence position Palo Alto Networks to benefit from increased cybersecurity platform demand, Morgan Stanley analysts write in a note. "Enterprises cannot continue to address all of these risks in the way they have in the past, with 30+ vendors," the analysts write. "They need to address it efficiently, both from a time / resources / financial standpoint, a benefit to platforms like PANW." The company has made "platformizations" a central pillar of its strategy, and completed around 220 such platform integrations in the third quarter. (elias.schisgall@wsj.com)

1541 ET - Chronosphere and CyberArk, two companies Palo Alto Networks acquired in recent multi-billion-dollar deals, were standouts in the company's third-quarter print, JPMorgan analysts write in a note. Chronosphere ended the quarter with $500 million in annual recurring revenue, and the company's commentary suggests the move of one frontier AI lab from another from a competitor to Palo Alto added $100 million in incremental ARR, the analysts write. Palo Alto's Idira business, which includes CyberArk, had revenue synergies drive 27% growth in annual contract value. Joint go-to-market efforts between Palo Alto and CyberArk generated more than 200 net new logos from upwards of 400 shared leads, the analysts note. (elias.schisgall@wsj.com)

1248 ET - SpaceX's vertical integration gives it an advantage in deploying and supplying computing power, Oppenheimer analysts write in a note, lifting their price target to $280 from $250. "We think SPCX will be a winner of the near-term compute shortage, as it has the ability to bring on infrastructure faster than anyone else, and is using this infrastructure and its data to improve its own models faster than anyone else," they write. Not only can SpaceX use this compute itself, but it rents out infrastructure to other firms, gaining 50 cents for each dollar of revenue its tenants receive based on the analysts' analysis. "As demand for SPCX models accelerates, SPCX captures the leasing and frontier lab revenues as a vertically integrated owner," the analysts write. "No other company can do this, in our opinion. (elias.schisgall@wsj.com)

1117 ET - Credit spreads on euro investment-grade bonds are expected to stay relatively steady in the near term due to strong fund inflows and healthy corporate earnings, Societe Generale's Juan Valencia says in a note. Euro credit spreads have remained resilient despite global markets volatility due to geopolitical concerns and tech-related worries, Valencia says. Spreads are likely to stay within the current levels unless a major trigger occurs. This could include "a more aggressive corporate releveraging that finally sees some weakening in corporates' ability to service debt," he says. (miriam.mukuru@wsj.com)

1112 ET - High net-worth borrowers using cryptocurrency as collateral for their loans are shifting away from bitcoin reliance, incorporating a wider mix that includes privacy-coin upstart Zcash. According to data from CoinRabbit compiled by CryptoQuant, bitcoin represents 30.5% of the crypto collateral for loans in 2026. That's down from 57.8% last year, with most of that collateral now seen in Zcash. Zcash now represents 24.2% of collateral, versus being essentially zero last year. XRP's share of the collateral mix has grown this year, to 26.9%, and monero now represents 6.2% of the mix, versus 2.6% last year. "ZEC's rise as collateral is related to the sharp price rally that it experienced, growing from $50 in September 2025 to $800 today," says CryptoQuant in its note. (kirk.maltais@wsj.com)

1015 ET - Bitcoin managed to go above $80,000 recently, but encountered friction from there. Bret Kenwell of eToro pegs the new bitcoin resistance level at $82,500, which would be the highest bitcoin has traded since May. But if bitcoin retreats, it shouldn't fall back to the sub-$60k level from earlier this summer, says Kenwell. "On the downside, they'll want the $67K-$70K area to hold as support, keeping BTC above recent resistance and its 50-day and 200-day moving averages," he says. Bitcoin is down 0.3% to $77,184, while other major cryptocurrencies like ethereum turn lower.(kirk.maltais@wsj.com)

0911 ET - Bitcoin is down 0.6% to $76,987, under pressure after Fed Chair Warsh's recent speech that pushed overall market sentiment toward a quarter-point rate hike later this month. Alternative store-of-value assets like gold and bitcoin have been hit by higher Treasury yields, which come at a time known to some in the cryptocurrency space as "Rektember". The month of September is often considered by some as a negative month for bitcoin, although September prices in recent years have been mostly rangebound, according to data from CoinMarketCap. Ethereum falls 1.4% to $2,387, XRP is down 1.7% to $1.33, and solana is off 1.8% to $98.26. (kirk.maltais@wsj.com)

0902 ET - New York Federal Reserve president John Williams says long-term bond yields are driven by the broad strength of the U.S. economy and heavy capital spending on AI. A glut of investment demand for data centers and tech infrastructure is increasing funding costs broadly, Williams tells CNBC. "It's not really about financial conditions affecting the economy, its about the economy affecting financial conditions," he says. Core inflation may be over target, but that excess is driven by high energy prices tied to conflict in the Middle East and tariffs, Williams says. (dean.seal@wsj.com)

0841 ET - Eutelsat Communications' fiscal 2029 revenue target would need substantial growth and therefore looks challenging, Berenberg analysts write. The French satellite communications company wants to increase group revenue to between 1.5 billion and 1.7 billion euros for fiscal 2029, up from 1.24 billion euros for the year ended June 30. Fiscal 2027 revenue is forecast to be flat year-on-year, they say. Berenberg starts coverage on the stock with a hold rating and 2.00 euro target price. Shares are down 0.9% at 1.72 euros. (ian.walker@wsj.com)

0546 ET - Palo Alto Networks notched better-than-expected annual recurring revenue growth in the fiscal fourth quarter, though the software group may struggle to accelerate the growth rate further, Bernstein analysts write. Growth in recurring revenue for its next-generation security products increased by 1% on quarter, excluding acquisitions, the analysts say. The group was supported by growth across the company, even without including fast-growing revenues in its recently acquired businesses. Though annual recurring revenue acceleration "may not be long-lived", organic growth should hold around the 27%-28% range for much of fiscal 2027 before decelerating in fiscal 2028, they say. Shares slip 1.6% premarket.(josephmichael.stonor@wsj.com)

0515 ET - Dell Technologies' upgrade to its fiscal 2027 revenue outlook is driven by momentum in AI and more resilient-than-feared demand for its computers, JPMorgan analysts write. Dell's order backlog of $95 billion supports a sharp rise in its AI-server revenue outlook to $74 billion for the fiscal year, the analysts say. Elsewhere, the company's traditional infrastructure business remains strong, they say. "The net result is demand tailwinds compounding across multiple vectors at once, paired with Dell's best-in-class execution." JPMorgan ups its price target for Dell from $565 a share to $635. Shares jump 9.4% premarket.