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.

0819 ET - OpenAI's valuation may continue climbing ahead of its hotly-anticipated initial public offering. The ChatGPT maker has held early talks with investors about a new funding round that could value it at more than $1.2 trillion, WSJ reports, up from a valuation of $852 billion in March. The potential for fresh funding comes on the heels of the release of Astra, OpenAI's latest cutting-edge model which it described as the world's most intelligent and aligned model. It would also come ahead of the company's IPO that's now expected next year. (kelly.cloonan@wsj.com)

0421 ET - Soitec's photonics business growth trumps investor concerns that the French semiconductor-materials maker could lose market share in mobile communications, J.P. Morgan analysts write in a note to clients. They upgrade their rating on the stock to overweight from neutral. "While our prior concerns on market decline and share loss in mobile remain, these are overwhelmed by raised expectations for the silicon photonics business," analysts say. Earlier this month, Soitec lifted its revenue guidance for the current quarter as the race to build artificial-intelligence infrastructure continues to fuel demand for its products. Analysts estimate photonics revenue will exceed 1 billion euros in the fiscal year to the end of March 2030. Soitec shares trade 11% higher at 136.60 euros. (mauro.orru@wsj.com)

0324 ET - European stock indexes are in green across the board, as banks and AI-linked stocks recoup some of the week's losses. The Europe-wide Stoxx 600 is 0.4% higher. London's FTSE 100 adds 0.35%, led by housebuilder Barratt Redrow--up 6.15% after earnings. Miners also gain as metals prices increase. In Paris, the French CAC 40 nudges up 0.2%. Chip maker STMicroelectronics leads the index, gaining 1.75%, though software group Capgemini falls back 1.5%. Luxuries also falter--Hermes loses 0.85%. The German DAX adds 0.35%, led by AI-linked industrials group Hochtief--up 3.5%. Italy's FTSE MIB and Spain's IBEX 35 both rise by around 0.5%. The Dutch AEX rises 0.3% as ASML jumps 2.25%.(josephmichael.stonor@wsj.com)

0028 ET - The Thai telecommunications sector's slower service revenue growth outlook over 2027-2028 leads CGS International's Weerapat Wonk-urai to downgrade his call to underweight from overweight. The analyst expects companies in the sector to post revenue growth of 1.2%-1.9% over 2027-2028, compared with 4.6%-17% in 2025, citing a lack of new revenue drivers and monetization. The sector's valuation also seems pricey compared with peers in Southeast Asia, he adds. He cuts his 2027-2028 earnings-per-share estimates for Advanced Info Service by 4.1%-8.7% and trims his 2026-2028 EPS projections for True Corp. by 3.7%-8.6%. (megan.cheah@wsj.com)

1311 ET - Rising bond yields beat out the prospect of an AI bubble as the biggest "tail risk," according to the latest Bank of America survey of global fund managers. About one-third of survey respondents named a "disorderly rise in bond yields" as the biggest tail risk, while 28% named an AI bubble, down from 32% in August. Bond yields have been climbing, fueled by surging energy prices brought on by the Iran war and growing national debt among other factors. The 10-year Treasury yield touched 5.04% earlier, its highest level since 2007. (elias.schisgall@wsj.com)

1310 ET - The AI data center boom is expected to keep chugging along, according to Bank of America's latest survey of global fund managers. Of those surveyed, 79% said they do not expect one of the AI hyperscalers to announce a cut in capital expenditures this year, up from 71% in August. But investors see the spending as carrying some risk: 42% of respondents named AI hyperscaler capex as the most likely source of a systemic credit event, and net 33% said companies are overinvesting. As for the most crowded trade, 53% identified "long global semiconductors" which matched last month's survey. (elias.schisgall@wsj.com)

1239 ET - Wells Fargo still has a lot of opportunities to use AI within its business, Chief Financial Officer Mike Santomassimo says. When asked at the Barclays Global Financial Services Conference about headcount being down for several quarters, Santomassimo says there is more room to use AI to drive efficiency. Already, AI has been used to autonomously code and is present across company functions, including operations and call centers, Santomassimo says. "It'll bring headcount down more," he says. "Whether headcount will be down every quarter forever, probably not, but we still have a lot more to continue to drive it."