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.

1208 ET - Marvell Technology's 2Q beat-and-raise didn't meet high expectations going into the print, Benchmark's Cody Acree says in a note. A modest beat and "comparatively measured" outlook lift "was insufficient against a stock up roughly 28% in one month and 196% in six months, particularly one day after NVIDIA established a much higher AI earnings-season benchmark," Acree says. The market's negative reaction wasn't unexpected given Marvell's setup, but the stock's decline now makes it more attractive, he says: "In our opinion, the valuation now provides a more balanced entry point than it did before the report, but remains sensitive to FY29 custom sizing and margin execution." Marvell slides 10%.(elias.schisgall@wsj.com)

1156 ET - Marvell Technology sinks despite a solid 2Q showing, as the company's raised guidance and commentary around an expanded Google partnership failed to impress investors, UBS says in a note. "MRVL delivered a modest beat/raise, though we suspect the result was viewed more as a meet rather than beat by an investor base that had grown increasingly constructive into the print," the analysts say. "Taken together, we think the higher out-year numbers were largely anticipated, while the Google narrative lacked the incremental disclosures investors were looking for." Marvell falls 9% to $219.36. (elias.schisgall@wsj.com)

0913 ET - Affirm is emerging as a standout in the buy now, pay later industry, RBC Capital says. The company is pulling ahead thanks to gross merchandise volume growth, driven by a resilient consumer base, the analysts say. "AFRM's ability to drive strong GMV growth, take rate stability, consistently high RLTC [revenue less transaction costs] margins, stable delinquencies, and improving funding cost (even in a higher for longer rate backdrop), all point to the company's unique unilateral ability to satisfy its various stakeholders," the analysts say. The company is also recording margins ahead of projections, despite growth in its 0% loan program, according to RBC. Affirm surges 11% premarket. (katherine.hamilton@wsj.com)

0851 ET - Take-Two reaffirms a Nov. 19 release date for Grand Theft Auto VI. After two delays, the held release date was the biggest question going into GTA VI's extended look which was released Thursday, Wedbush says in a research note. "A polished gameplay showcase landing on its announced date twelve weeks out is about as much comfort on timing as we're going to get before the game ships," the analysts say. They also note that the game's PC release date still hasn't been announced, nor has GTA VI Online been mentioned. All said, the extended look doesn't affect the analysts' thesis, which rests on a strong GTA VI launch this fall. Take-Two is up 2.6% premarket. (connor.hart@wsj.com)

0830 ET - Affirm's latest quarterly results shows the company's growth isn't slowing down, JPMorgan says in a note. Before the report, the analysts were concerned that gross merchandise volume would come in short or just in line with Wall Street estimates. However, the metric was ahead of the analysts' expectations and supports their confidence in upside to volume estimates through the rest of the year. Affirm's guidance for revenue less transaction costs margins was also ahead of projections, which indicates GMV momentum will flow through to RLTC and profits, the analysts say. Affirm jumps 12% premarket. (katherine.hamilton@wsj.com)

0811 ET - Take-Two Interactive releases an extended look at Grand Theft Auto VI on Netflix, YouTube and the GTA VI website that features 26 minutes of gameplay. The preview reiterates the game's Nov. 19 launch date and should drive incremental pre-orders, JPMorgan analysts say in a research note. Looking forward, they expect marketing efforts to continue to ramp heading into GTA VI's release. They are also looking for timing updates around the release of GTA VI Online. "We believe a potential GTA VI Online launch into Holiday 2026 would likely support deeper engagement & monetization," they say. JPMorgan remains bullish on Take-Two shares, with the analysts saying the game's upcoming release presents a potential upside for bookings and adjusted EPS estimates over the coming years. Take-Two is up 2.6% premarket.(connor.hart@wsj.com)

0535 ET - Nvidia's rack-scale AI systems are expected to generate more than $710 billion in output value in 2027 as demand for increasingly powerful AI infrastructure accelerates, according to TrendForce. The research firm says shipments of NVL72 racks, including GB300 and Vera Rubin platforms, are projected to rise more than 50% in 2027, while higher-priced VR200 systems take a larger share of deployments. TrendForce expects the combined output value of GB300, VR200 and VR300 systems to jump 214% from a year earlier, benefiting server manufacturers and power and cooling suppliers. TrendForce also says Nvidia and Google are expanding beyond chips into data-center infrastructure, using financing and capacity commitments to secure long-term demand for their proprietary AI hardware. (jie.yang@wsj.com)

0357 ET - Apple's growth in emerging markets is likely to be driven increasingly by premium iPhone upgrades rather than new user additions, Omdia analyst Sanyam Chaurasia says in a note. Apple is shifting its focus toward monetizing its expanding installed base in markets including India, Brazil and Mexico through greater adoption of higher-priced Pro-series models, he says. India presents the biggest opportunity for user upgrades, with Pro-series penetration still relatively low despite rapid growth in iPhone users. Omdia's scenario analysis suggests that a higher Pro-series mix could generate more revenue than shipment growth alone, supported by improving financing options, trade-in programs and rising incomes. Apple is increasingly relying on product-mix improvements to drive growth as emerging markets mature, Chaurasia adds. (jie.yang@wsj.com)

0356 ET - Delivery Hero's past investments seem to have started paying off, Berenberg analyst Wolfgang Specht writes in a note. The German food-delivery company's results showed stronger-than-expected growth and expansion in its groceries quick-delivery business, he notes. Delivery Hero has invested in its quick-commerce business, expanding its global warehouse network and subscription programs, among other efforts. The company appears to have overcome the hurdles of recent years, Specht says. "As well as being good news for Delivery Hero, we also believe that these results will be celebrated at Uber following its recent buyout offer," he adds. However, the company still faces pressure in several regional markets, such as South Korea, and a number of local markets in the Middle East and North Africa region, he says. DH shares are up 0.2% at 37.11 euros. (najat.kantouar@wsj.com)

0313 ET - Heavy artificial-intelligence investment will likely weaken credit metrics for Chinese and U.S. hyperscalers, but capital buffers can ease the strain, Moody's Ratings analysts say. U.S. hyperscalers' free cash flow is set to drop 2026-2027 as capex outpaces cash flow from operations. Leverage pressure is set to intensify as firms like Meta, Alphabet and Oracle step up debt issuances. Chinese hyperscalers face similar issues. Capex-to-operating cash flow ratios are up significantly and several firms will likely turn FCF negative in 2026-2027 as AI infrastructure and chip-procurement accelerate. R&D, model and application costs are also weighing on operating cash flow. Still, both sides have big cash cushions that--along with revenue and Ebitda growth--let them absorb 12-24 months of elevated capex without significantly hurting credit quality. (fabiana.negrinochoa@wsj.com)

0119 ET - China's smartphone makers could face more pressure ahead amid higher prices of memory and other components, Counterpoint Research says in a note. Despite a double-digit drop in 2Q smartphones sold to consumers compared with the previous year, shipment to retailers only fell 1%, Counterpoint data shows. This is because phone makers had built up inventory in anticipation of further memory-price hikes, it says. Huawei maintained its leadership in China, with a 23% market share, while Apple ranked second, with 18% of the market. Xiaomi, whose 2Q shipments dropped 21% on year, took the biggest hit, mainly due to its heavy reliance on low-end models, the research firm says. To cope with higher costs, smartphone makers could raise prices further in the coming months, which would put pressure on their shipments, it adds. (sherry.qin@wsj.com)

2327 ET - Nvidia's H200 chip sales to China is insignificant compared to the surge in capex by Chinese internet companies, Citi analysts say in a research note. Nvidia said earlier this week that sales of H200s to Chinese buyers made up less than 1% of its data-center revenue in fiscal 2Q. Citi estimates that those chips would be valued at no more than $890 million, which is "too insignificant" compared to the capex recorded by Alibaba, Tencent and Baidu in 2Q. The Chinese hyperscalers' spending was likely mostly related to domestic GPU procurement as well as global and domestic memory-chip purchases, they say. The bank expects a sequential decline in their 3Q capex despite projecting a significant increase in their total capex budget for the 2026 calendar year.