The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

2104 ET - Tenaga Nasional's absorption of an estimated 120 million-150 million ringgit in fuel surcharges for September-December 2026 could be manageable and non-recurring, Hong Leong IB analyst Daniel Wong says in a note. The costs stem from the government's decision to raise the threshold for fuel surcharges and other electricity charges to 800kWh a month from 600kWh. The utility could remain well positioned to benefit from strong data center demand, with potential power-supply commitments reaching about 13GW as of June, he says. Grid upgrades and new generation capacity should support rising demand, while major investments are expected in 2027-2030, he adds. Wong sees the recent share-price sell-off as an attractive entry point. Hong Leong maintains its buy rating and 18.15 ringgit target price. Shares are 0.6% higher at 12.80 ringgit. (yingxian.wong@wsj.com)

2042 ET - Megaport's bull at Macquarie recommends investors drop any resistance to the compute-as-a-service provider's strong momentum. One of the investment bank's analysts tells clients in a note that the Australian company's reallocation of pooled processors to a new contracts highlights management's focus on returns. They explain that the customer's A$282 million prepayment gives Megaport a capex payback period of about eight months, compared with between 16 and 22 months for pooled capacity. This reduces utilization and funding risk, the analyst adds. Macquarie keeps an outperform rating on the stock and raises its target price 8.4% to 34.70 Australian dollars. Shares are down 0.5% at A$20.525. (stuart.condie@wsj.com)

2028 ET - Japanese stocks are higher after oil prices fell overnight, easing concerns about rising inflation and fast-paced rate increases by global central banks. Chip-related, banking and metals stocks are leading gains. Tokyo Electron Ltd. is up 3.6%, SoftBank Group is 3.8% higher, Mizuho Financial Group is up 2.5% and Sumitomo Metal Mining is 3.8% higher. The dollar is at 157.33 yen, compared with Y157.34 as of Tuesday's Tokyo stock market close. Investors are closely watching developments in the Middle East, crude oil prices and bond yields. The Nikkei Stock Average is 1.5% higher at 66460.68. (kosaku.narioka@wsj.com; @kosakunarioka)

1946 ET - Japanese stocks may rise after oil prices fell overnight, easing fears about rising inflation and fast-paced rate increases by global central banks. Nikkei futures are up 0.9% at 66350 on the SGX. The dollar is at 157.41 yen, compared with Y157.34 as of Tuesday's Tokyo stock market close. Investors are focusing on developments in the Middle East, crude oil prices and bond yields. The Nikkei Stock Average fell 0.6% to 65481.27 on Tuesday. (kosaku.narioka@wsj.com)

1854 ET - Australian stocks look set for an uncertain start to Wednesday's session after U.S. indices sank amid falling consumer confidence. ASX futures are down by less than 0.1% ahead of the open, suggesting that the S&P/ASX 200 could stall after adding 0.5% across two narrow gains so far this week. The benchmark index is 4.0% lower in September and on course to round out its largest monthly decline since March, when it tumbled 7.8% on the initial impacts of the Middle East conflict. Ahead of the open, Liontown said its board had approved the US$272 million expansion of its Kathleen Valley lithium mine. (stuart.condie@wsj.com)

1654 ET - The decision to push ahead with phase two of the Canada LNG operation in Western Canada is a sign the country is again building big, Prime Minister Mark Carney says. He tells an audience that the more than C$30 billion investment to double LNG production will make LNG Canada the second-largest facility of its kind in the world. It also will create some 4,000 jobs at the peak of construction, he adds. will create over thousands of new jobs. And the Shell-led venture's final investment decision, TC Energy will move ahead with a multi-billion-dollar second phase of the Coastal GaslLink pipeline, which Carney says will create more than 2,000 jobs. Shell CEO Wael Sawan says the investment go-ahead reflects confidence in Canada as a place to invest and do business for the long-term. (robb.stewart@wsj.com; @RobbMStewart)

1458 ET - OpenAI is adding plug-in extensions to its AI models to help customers distribute their products more. App makers can build directly into ChatGPT and Codex, Chief Executive Sam Altman says during OpenAI's Development Day. Apps can also be discovered through the models, so when a user asks a question, ChatGPT can recognize if a plug-in would be helpful and suggest it. Users can also use the tokens they pay for through a ChatGPT subscription to use other company's programs, so businesses don't have to cover the cost of users' tokens, Altman says. (katherine.hamilton@wsj.com)

1456 ET - OpenAI is launching an ultra-fast version of its AI models to try to help developers and businesses speed up work. The faster version will be available across API, ChatGPT and Codex, Chief Executive Sam Altman says during OpenAI's Development Day. Ultrafast models will work at eight times the speed of a typical model, with price six times higher. That is an increase from OpenAI's "Fast" version, which gives users twice the speed at twice the price. Ultrafast will also be available for OpenAI's new GPT-6.1 Sol in the near future, Altman says. The launch comes after OpenAI scrapped the release of its new AI model over safety concerns. (katherine.hamilton@wsj.com)

1433 ET - TD Cowen weighs in on Monday's investor presentation by WSP Global. Analyst Michael Tupholme says the global engineering and services firm reiterated the significant opportunity across power and energy "supported by broad structural demand drivers beyond the AI & data center build-out." Importantly, he notes management stressed that "growth is not dependent on any single demand driver." Tupholme says WSP reaffirmed it's on track to achieve its overall 2027 financial targets including a 40% surge in net revenue and a 50% rise in adjusted Ebitda, all versus 2024 levels. (adriano.marchese@wsj.com)

1250 ET - While analysts say that a positive sentiment around bitcoin is starting to fade, at least in the short-term, data shows that investors are accumulating long-facing options at over $90,000. Other popular targets include strike prices of $95,000 and $100,000, according to data from Deribit. Fund traders are continuing to return to bitcoin ETFs as well, with days of consecutive inflows now up to 8 days - with an inflow of $31 million seen yesterday, according to data from Coinglass. Bitcoin is currently trading lower, down 0.3% to $83,238. Ethereum is flat at $2,682, XRP is up 1.5% $1.52, and solana is down 0.2% to $118.57. (kirk.maltais@wsj.com)

1244 ET - Investors are overly fixated on Netflix's slowing viewing trends in the U.S. and missing other positives for the company, Deutsche Bank analysts write in a note, updating the stock to buy. They note that the biggest domestic declines this year coincided with the Winter Olympics and World Cup, while international viewing data suggest consistent growth with a substantial runway. The company also has room to leverage its position as a platform -- optionality the analysts see as not priced in - and should, on net, benefit from AI adoption. Though the U.S. softness is real, the analysts write, "we believe the current valuation largely reflects these domestic risks while insufficiently differentiating Netflix's mature US business from its less- developed, higher growth international opportunity." Shares gain 2%. (elias.schisgall@wsj.com)

1237 ET - Xanadu Quantum Technologies offers a high-upside, pure-play investment in photonic quantum computing, says RBC's Paul Treiber, who initiates coverage with a speculative risk rating and a $16 price target. The analyst says that near-term stock upside will be driven by technical milestones, government funding, and strategic partnerships rather than immediate sales until its quantum data center goes online in 2029/2030. The risk exists because "Xanadu and most quantum computing peers have nominal near-term revenue, which makes benchmarking valuation difficult." However, Treiber says that Xanadu offers a "unique exposure to photonics-based quantum computing" as the company and sector ramp up to "quantum monetization" in 2030. Shares are up 2% to C$4.87 but down 55% year-to-date.