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

1101 GMT - Equinor shares have performed very strongly this year and the risk-reward ratio has now clearly deteriorated, SB1 Markets analyst Teodor Sveen-Nilsen writes. The bank believes that the Norwegian energy major's strong performance has been primarily driven by higher oil and, above all, gas prices, combined with the company's large exposure to spot prices. The capital market update was also well received, while the renewable energy strategy has become more balanced. The current share price already seems to discount 1-2 years of exceptionally high profits, but SB1 Markets' main scenario is that oil and gas prices and shares in the sector are lower in 6-12 months. The bank downgrades the stock rating to sell from neutral and reiterates its 365 Norwegian kroner target price. Shares fall 0.4% to 386.20 kroner. (dominic.chopping@wsj.com)

1048 GMT - Delivery Hero's results show improved operational momentum, MWB Research's Alexander Zienkowicz writes in a note. The German food-delivery company lifted its full-year guidance on increased growth and reported a swing to positive free cash flow in the first half. The company's second-quarter performance validates an acceleration in its underlying business, he says. "However, Uber's 41.50 euros per share cash offer remains the valuation anchor, with closing still expected in the second half of 2027 subject to regulatory approvals," he adds. Delivery Hero shares are up 0.3% at 37.07 euros. (najat.kantouar@wsj.com)

1036 GMT - Saab has the largest order book in its history, driven by Europe's rearmament, but the share price already demands that the strong trend continues well into the next decade, SB1 Markets analyst William Alexander Balksten writes. The bank says the current valuation requires that consensus forecasts are fully met until 2030, with order intake increasing from 200 billion Swedish kronor in 2031 to 366 billion kronor in 2040. "This would mean order intake above the record level from 2025 in each of these years." Saab's share of Europe's defense investments would also need to increase from 5% to 7% just to justify today's valuation rather than to create further upside. The bank initiates coverage with a neutral rating and 650 Swedish kronor target price. Shares rise 1.2% to 649 kroner.(dominic.chopping@wsj.com)

1025 GMT - Wheat prices trade at a three-year high as investors grow increasingly wary of a supply shock caused by the deteriorating Black Sea situation. Russian and Ukrainian wheat exports are effectively stalled following a series of strikes on both grain-laden ships and export terminals. A slowing in supply from the region is supporting prices as together Russia and Ukraine account for nearly 30% of global wheat exports, Rabobank's Andrick Payen says. Both countries are seeking other routes for their wheat, but any alternatives "are unlikely to offset the port capacity lost at Odesa and Novorossiysk," Payen writes. Chicago wheat contracts rise 0.1% to $7.49 a bushel after jumping around 5% in the last session. Prices have jumped by around 30% since June. (josephmichael.stonor@wsj.com)

0953 GMT - Nvidia's results are reigniting the artificial-intelligence chip trade, but as financing gets more and more circular, tech giants could be on borrowed time, says Nic Puckrin, cross-asset analyst and founder of Coin Bureau. Sandisk, Micron and Hynix all look set to open around 5% higher, and Broadcom is also looking stronger premarket. For Puckrin, the biggest question is around Nvidia's $500 billion AI financing deal with asset managers. This might seem like a smart move while demand for AI chips is insatiable, he says, but if that falters, Nvidia and its lending partners will be stuck with collateral in the form of AI chips that no one wants to buy. Nvidia has kicked the can down the road. Next quarter, it will face the same questions. (fabiana.negrinochoa@wsj.com)

0907 GMT - Demand for CrowdStrike's cybersecurity products jumped as fears around the threat posed by hostile AI agents rose in the second quarter, JPMorgan analyst Brian Essex writes. The company swung to a profit on a 26% jump in revenue growth in quarterly earnings announced after the bell Wednesday. Concern around Anthropic's Mythos model spiked after the AI lab withheld the model's public release over fears it posed a cybersecurity risk. "Cybersecurity continues to shift from a risk-management role to a foundational AI infrastructure role where we view CrowdStrike as a primary beneficiary," Essex writes. The company is better positioned than its peers to benefit from the "Mythos Moment," the analyst adds. Shares surge 8.4% premarket. (josephmichael.stonor@wsj.com)

0906 GMT - Growth across Europe's low-cost carriers will likely re-accelerate toward late winter, Citi analysts say. Ryanair's capacity will ease slightly from 6.2% growth in September to 5.5% in December, Citi says. Still, it is scheduled to re-accelerate to 6.1% in the March quarter, the analysts add. Ryanair's balance sheet is well equipped to deal with any challenges the industry may experience over the next six months, Citi says. Wizz Air's growth is seen climbing steadily from 9.3% in September to 14% in the March quarter, Citi says. "We continue to view... peripheral operators as the most likely source of capacity retrenchment should jet fuel prices remain high," the analysts say. Ryanair is down 0.75% at 23.76 euros, with Wizz Air up 0.45% at 1,127 pence. (anthony.orunagoriainoff@dowjones.com)

0900 GMT - Traders looked to comments by the BOJ's Himino for reassurance that a September rate hike is coming, though the yen's reaction suggests the messaging was more measured than some hoped. While the yen's slight weakening indicates some disappointment that Himino wasn't more explicit, his tone is consistent with a policy board that appears to be considering faster tightening, in endorsing market pricing for a September rate hike, says MUFG's Derek Halpenny. Himino stressed the need to be more alert to inflation risks, which Halpenny says is "the closest you will get to guidance that the pace of rate hikes could be increased." Healso confirmed the BOJ doesn't need full data on past hikes before moving again. With nearly all rate-hike pricing intact, MUFG thinks the BOJ has given a clear signal of intent. (fabiana.negrinochoa@wsj.com)

0857 GMT - Nvidia delivered a stunning set of second-quarter results and strong revenue guidance that could bring in a new bullish phase for its share price, Kathleen Brooks, research director at XTB, writes in a note. Second-quarter revenue and net profit more than doubled to $96.22 billion and $59.69 billion, respectively. Nvidia shares gained more than 4% Wednesday post-market and are up 7.8% at $226.02 Thursday premarket. "Nvidia's share price has fallen after the last four earnings reports. However, if the pre-market rally continues into Thursday, this would suggest that the cycle has been broken, and we could embark on a new bullish phase for Nvidia's share price," Brooks says. (mauro.orru@wsj.com)

0855 GMT - Salesforce is hiring top talent back from artificial-intelligence labs, lifting the mood around the company, Jefferies' Joseph Gallo writes. The software group reported earnings after market close, posting higher second-quarter profit. Like other software stocks, Salesforce shares have fallen sharply this year over fears that AI would eat into the sector's market. Top talent returning includes former head of Agentforce Sales Kaylin Voss and former Chief Customer Officer Peter Doolan. The re-hires should help Salesforce "make a bigger push selling its own AI solutions," as well as products from companies it recently acquired, Gallo writes. Shares jump 11% premarket.(josephmichael.stonor@wsj.com)

0856 GMT - Large U.S. customers are highly motivated to use CXMT's memory chips, Goldman Sachs analysts say in a note. High conventional DRAM prices and limited supply should encourage American companies to adopt CXMT's memory chips, even though they are a few generations behind those of its global peers, the analysts write. While Goldman expects several U.S. customers to qualify CXMT's chips for their smartphone and PC products, it doesn't see CXMT making inroads with U.S. customers on its emerging high-bandwidth-memory product portfolio in the near-to-medium term. CXMT's ability to ship large volumes to U.S. customers still hinges on geopolitics, it notes. The U.S. and Chinese governments will carefully weigh potential restrictions on memory in the context of broader restrictions on other products, including graphics processing units, the analysts add. (sherry.qin@wsj.com)

0851 GMT - Nvidia's blockbuster second-quarter figures and strong growth projections add renewed impetus to stocks exposed to artificial intelligence after a volatile few months, Kathleen Brooks, research director at XTB, writes in a note. Second-quarter revenue more than doubled to $96.22 billion, while net profit also more than doubled to $59.69 billion. "With revenues this big, and demand for its products getting bigger every month, it will be a brave trader who will bet against Nvidia in the aftermath of this report. For now, the company has proven that criticism of its investment and financing model for AI is overblown," Brooks says. Nvidia shares are up 7.4% premarket at $225.14.