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.

1441 ET - Braze's latest results and plans to acquire AI-decisioning company OfferFit show it continues to beat other marketing tech companies on innovation, according to JPMorgan in a research note. On the company's analyst call, Braze executives said the deal will help Braze differentiate versus competitors by providing a wide spectrum of AI-driven optimization capabilities at various price points and service levels. Braze is "redefining the marketing tech stack and continues to solidify its position as a critical first-party data set for companies," JPMorgan says, adding the acquisition is expected to add around 2 points of revenue growth in fiscal 2026. Braze is up 3.3%. (kelly.cloonan@wsj.com)

1116 ET - The S&P 500 still remains expensive even after declining from its peak, say analysts at BofA Securities in a research note, as they handicap the investing landscape in the U.S. and Europe. According to the analysts, the bear case for US equities includes the capex arms race between hyperscalers increasing margin risk, among other things, and growing policy uncertainty amid higher government debt. But there are still structural advantages in the U.S., the analysts say, including clean corporate--and most consumer--balance sheets; high corporate transparency; USD reserve status; energy independence; looser labor laws, and U.S. technology and innovation still the world's leader. European equities, meanwhile, have a bull case amid stimulus from the German government and defense spending by the European Union. (denny.jacob@wsj.com; @pennedbyden)

0950 ET -- Galaxy Digital Holdings expects to make billions on an agreement with CoreWeave, the startup that rents out access to Nvidia chips. The digital asset and blockchain company entered into a 15-year lease agreement with CoreWeave, which makes its public debut later Friday, in which it will provide 133 megawatts of data center capacity to host and support CoreWeave's artificial intelligence and high-performance computing efforts. Over the life of the agreement, Galaxy expects to generate about $4.5 billion in revenue. Benchmark's Mark Palmer in a research note says the estimated revenue from the deal likely reflects CoreWeave's commitment to fund all the capital investments required to upgrade its data centers, among other things. (denny.jacob@wsj.com; @pennedbyden)

0829 ET - A Telus sale of a minority interest in its wireless tower portfolio could be a good way to help deleverage the company. While the decision isn't final, Desjardins' Jerome Dubreuil says that there shouldn't be any regulatory issues, and that it shouldn't interfere with its network-sharing agreement with BCE. "Infrastructure divestitures have the potential to help deleveraging and to unlock value," Dubreuil says. He notes that management indicated that all of the potential proceeds would go toward debt repayment.(adriano.marchese@wsj.com)

0812 ET - Braze's latest results didn't appear to show evidence of deterioration despite concerns over the health of the consumer, nor did it flag a material change in the demand environment, say UBS' Taylor McGinnis and Jeff Hickey in a research note. The customer-engagement platform logged higher revenue in F4Q, while its guidance for FY26 met expectations, the analysts say. They think that while Braze isn't commenting on the timing of a bottom, it could happen as early as 1Q. "We continue to like the set-up for Braze given company-specific tailwinds related to improving execution, lapping of tough Covid renewals and the incumbent placement opportunity," say the analysts. Braze jumps 12% premarket. (denny.jacob@wsj.com; @pennedbyden)

0705 ET - Canada's telcos may be more resilient side if tariffs escalate, and could even navigate the worst of a recession if it were to come to that. TD Cowen's Vince Valentini says in a report that telecom services are to consumers "second in importance only to food, shelter, electricity." Meaning that wireless service and internet will be a top priority to maintain, even in an economic downturn. The analyst acknowledges that telcos aren't immune, however. Revenue could be slightly weighed at the margin such as smaller package sizes for cable, lower roaming revenue due to less travel abroad, and perhaps more aggressive shopping for a better deal on wireless plans. (adriano.marchese@wsj.com)

0001 ET - Taiwan could face smaller tariff hikes due to its investments in the U.S. and key tech exports, says Lynn Song, ING's Greater China chief economist, in a note. Taiwan has been under scrutiny due to its rising trade surplus with the U.S. over the past years, which amounted to $64.9 billion in 2024. However, Taiwan's key exports of semiconductors and computer products to the U.S. have limited replacement alternatives, raising the probability of being exempted, the economist says. Also, TSMC's expanding investment in the U.S. "may have also brought Taiwan enough goodwill to soften or avert tariffs," he says. As a result, Taiwan could be one of the more likely economies to benefit from a tariff reprieve, or at least smaller tariff hikes, he adds. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 28, 2025 16:50 ET (20:50 GMT)

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