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.

0759 GMT - Research and development for world models can be "very positive" for artificial-intelligence compute and memory demand, Jefferies analysts say in a research note. While the research remains at an early stage, the models' ability to predict how the physical world might change in response to an action is critical to further potential of the robotics and autonomous-driving industries, they say. There are different routes to developing world models, some of which are compute- and memory-intensive, the analysts note. That supports a positive read-through for data centers and high-bandwidth memory suppliers over the long term. (tracy.qu@wsj.com)

0738 GMT - Xiaomi is likely to report a 10% decline in smartphone revenue for 2026, HSBC Global Research analysts write in a note. That is based on the assumption of a 27% drop in volume and a 24% increase in average selling prices, weighted toward the fourth quarter, they say. Meanwhile, a heavier 4Q product schedule should provide greater room for pricing and mix adjustments even if component costs remain elevated, the analysts add. Xiaomi entered the second half of the year with considerably more raw-material inventory but lower finished-goods inventory, they note. HSBC Global Research initiates stock coverage with a buy rating and a target price of HK$33.20. Shares last closed at HK$25.24. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0523 GMT - Nontraditional players are entering the server CPU market amid resurging CPU demand, TrendForce says in a note. The explosion of agentic AI has driven a wave of demand for CPUs, which coordinate different tasks, route tool calls and pass data between subagents, it writes. As a result, the CPU-to-GPU ratio in AI data centers is expected to shift to between 1:1 and 1:2 from 1:8 currently, significantly boosting market demand for CPUs, it notes. This demand shift is reshaping the competitive landscape. Beyond traditional server CPU vendors Intel and AMD, a new wave of nontraditional players is entering the CPU market, such as GPU maker Nvidia, IP licensor Arm, and major cloud service providers including AWS and Google, it adds.(sherry.qin@wsj.com)

0355 GMT - Tuhu Car's 278 million Australian dollar acquisition of mycar Tyre & Auto is expected not only to boost earnings but also provide a testing ground for future overseas expansion, CMB International analysts say in a note. The deal would lift Tuhu's adjusted net profit by an estimated 10% and 15%, respectively, for the next two years, the note said. The brokerage maintains its buy rating on the Chinese car-maintenance and repair services platform and raises its target price to 19.0 Hong Kong dollars from HK$18.0. Shares closed 0.4% lower at HK$11.29.(venkat.pr@wsj.com)

0235 GMT - South Korean internet giant Naver could post a 3Q earnings miss, Nomura's Angela Hong says. The company's operating profit likely came in below market consensus, partly dragged down by elevated costs for infrastructure and offline business expansion, the analyst writes in a note. Hong trims her earnings-per-share forecasts for Naver by 8% for both 2026 and 2027, citing expectations for softer near-term earnings and margin headwinds. Though the company's longer-term artificial-intelligence factory project remains on track, she remains on the sidelines pending greater visibility into AI data-center demand and return profiles. Nomura maintains a 210,000-won target price and neutral rating on the stock. Shares are 0.9% lower at 191,900 won. (kwanwoo.jun@wsj.com)

1801 GMT - Workday's workforce reduction is likely part of its effort to streamline its business, Deutsche Bank analysts say. The company is cutting 2.5% of its staff, primarily within its product and technology teams. The analysts believe the move was not intended to free up investment capacity for this year, since Workday reiterated its full-year guidance when it announced the layoffs. Instead, the cuts likely create some additional capacity for other investment priorities next year, the analysts say.(katherine.hamilton@wsj.com)

0944 GMT - Shanghai Biren Technology raises its 2027 revenue target to 20 billion yuan, as the average selling price of its soon-to-be-released chip has doubled, DBS analysts say in a note after a meeting with management. Biren completed the design process of its second-generation chip, the BR20X, in August and expects customer adoption test results within the next three to four months, they say. The average selling price was reset to 300,000 yuan from 150,000 yuan while it still expects to ship 70,000 chips next year, the analysts say. Management thinks that as Nvidia H200's street prices in China have risen to 300,000 yuan-400,000 yuan, BR20X's new price tag is justified as it can deliver 80%-120% of H200's performance. Shares last ended at 37.38 Hong Kong dollars. (sherry.qin@wsj.com)

0916 GMT - The Kuala Lumpur Composite Index is set to have a wider buffer around its expanded 50-stock gauge, CIMB Securities' Ivy Ng Lee Fang says in a note. With inclusion and deletion thresholds revised to 40th and 61st, respectively, from 25th and 36th, the risk of frequent index turnover is reduced, the analyst writes. The changes will take effect with the December review as the KLCI expands to 50 constituents from 30. Based on Sept. 28 market-cap data, Ng says Unisem and Kelington could enter the index, replacing Genting Malaysia and Malayan Cement. Westports, United Plantations, Vitrox and Sime Darby are among others that could be included, she adds. The final list will be based on market-cap data as at Nov. 23. (yingxian.wong@wsj.com)

0823 GMT - Shares of European semiconductor companies are in the green as investors await Micron Technology results after the U.S. market closes. Investors will be scrutinizing figures and commentary from the memory chip maker for signs of how artificial-intelligence demand is holding up. Micron shares are up 0.6% at $1,071.70 premarket. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 1.2% and 1.8%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is up 0.4%. German chip maker Infineon Technologies' stock gains 1.5%. STMicroelectronics shares are up 0.1%.