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

1534 ET - The prospect of slowing or pausing AI development doesn't herald any change to the fundamentals of the AI infrastructure buildout, Morgan Stanley co-president Dan Simkowitz says in a CNBC interview. "I think the pause or the slowing of release on the frontier really doesn't change the core dynamics," Simkowitz says, adding that spending on computing power and semiconductors doesn't show any signs of stopping. "The pacing at the frontier doesn't change the build, it doesn't change the demand, and it doesn't change the financing of that demand." He adds that capital markets remain ready for large M&A activity and IPOs. (elias.schisgall@wsj.com)

1526 ET - Sen. Kirsten Gillibrand (D., NY) voted no on a measure to advance the Clarity Act, a piece of legislation backed by President Trump that would boost the cryptocurrency industry. The measure was ultimately defeated 49 to 50. Gillibrand was the Democrat that Republican Sen. Cynthia Lummis (Wyo.) has been leaning on in her arguments that the bill had bipartisan support. The senators introduced legislation together in 2022 to try to establish a framework for digital assets. Lummis praised Gillibrand at a conference on Friday for her work in pushing the Clarity Act forward. Ahead of Gillibrand's no vote, her Democratic colleague Sen. Elizabeth Warren voiced concerns that the bill lacked adequate safeguards against corruption in the light of President Trump's deep financial ties to the crypto industry. (dean.seal@wsj.com)

1239 ET - Wells Fargo still has a lot of opportunities to use AI within its business, Chief Financial Officer Mike Santomassimo says. When asked at the Barclays Global Financial Services Conference about headcount being down for several quarters, Santomassimo says there is more room to use AI to drive efficiency. Already, AI has been used to autonomously code and is present across company functions, including operations and call centers, Santomassimo says. "It'll bring headcount down more," he says. "Whether headcount will be down every quarter forever, probably not, but we still have a lot more to continue to drive it." (katherine.hamilton@wsj.com)

1206 ET - Vera Bradley's direct-to-consumer sales climbed 8% in the recent quarter, marking the fifth consecutive quarter of sequential improvement in the channel as well as an acceleration from the roughly 4% increase it reported last quarter. Comparable sales across the company's direct channel, including both brick-and-mortar and digital, were up 9.2%. "Our direct segment represents more than 90% of our business and is the channel we control most directly," CEO Ian Bickley says on a call with analysts. "It also continues to be the best indicator of how our customers are responding to the product, marketing and strategic distribution choices we are making." Shares are up 24%. (connor.hart@wsj.com)

1203 ET - Investors are increasingly expecting global interest rates to rise, according to findings from Bank of America's September survey of global fund managers. 41% of surveyed investors said they expect the Federal Reserve to raise rates before the U.S. midterms, up from 22% in August, while the proportion of investors who don't expect a rate hike fell to 52% from 72%. A net 32% of investors expect higher short-term rates, and net 25% said global monetary policy is too stimulative - with both metrics at their highest level since September 2022. Net 4% of investors expect lower global inflation, a reversal from the previous month. (elias.schisgall@wsj.com)

1158 ET - Vera Bradley's sales picked up as the latest quarter progressed, resulting in a strong back-to-school season, which CEO Ian Bickley says is a critical selling occasion. "Our strong preparation, planning and execution paid off with overall back-to-school business up versus last year," he says on a call with analysts. That momentum has continued so far in the current quarter, Bickley adds. The handbag and accessories designer says it has continued to strategically manage its pricing and promotional cadence this quarter, helping to improve profitability and continue to drive its turnaround strategy. Shares jump 25%, to $3.80, after Vera Bradley swings to a 2Q profit. (connor.hart@wsj.com)

1153 ET - Enbridge $2.55 billion Tallgrass crude asset purchase is a "logical extension of ENB'S Liquids Pipelines franchise," says CIBC's Robert Catellier. The analyst says that the transaction adds "highly contracted infrastructure" that complements Express-Platte while expanding the energy company's Rockies footprint to optimize light and heavy crude flows across its broader network "including shifting light barrels onto Express-Platte/Pony Express [crude oil pipelines] and preserving Mainline capacity for heavier Canadian barrels." CIBC raises its price target on the stock by C$1 to C$79. Shares are up 0.9% to C$67.62. (adriano.marchese@wsj.com)

1146 ET - LVMH's Louis Vuitton brand has huge potential if it were to make itself slightly more accessible, Bernstein analysts say in a note. High inflation in the U.S., slower growth in China, and an uncertain environment in Europe have sapped confidence and brought consumers on the back foot, the brokerage says. Coupled with this, price hikes have alienated the so-called aspirational consumers. Louis Vuitton could well deliver better results, they say. Lower average prices should be more than compensated for by volumes, allowing the brand to re-engage with a broader group of luxury consumers, the analysts add. (andrea.figueras@wsj.com)

1133 ET - Bitcoin's price is under pressure from both long-term investors and short-term traders rushing to sell and lock in their profits, analysts with Glassnode say in a note. The cryptocurrency has bounced up to trade near a 47% premium to the average price that traders paid for it, meaning most sales are profitable right now, the analysts say. Long-term and short-term holders seem to be cashing out in roughly equal amounts, they say. But the shift toward profit-taking matches behavior seen during other price surges in recent years, signaling that the latest rally hasn't peaked or collapsed yet, the analysts say. (dean.seal@wsj.com)

1101 ET - Saudi Arabia leads most major Gulf stocks lower, with the Tadawul All Share Index falling 0.9%. The Dubai Financial Market General Index declines 0.8% and Qatar's QE Index loses 0.5%, while Abu Dhabi's benchmark index bucks the trend, edging up 0.2%. The divergence across Gulf equities appears largely positioning-driven, with geopolitical uncertainty and shifting U.S. rate expectations encouraging investors to reduce exposure to higher-beta markets, says Milad Azar, market analyst at XTB MENA. Investors are favoring markets and companies offering stronger balance sheets, liquidity and earnings visibility until geopolitical risks ease, he says. (farhan.rafid@wsj.com)

1034 ET - BCE's medium-term prospects for AI buildout are "very encouraging," says TD Cowen's Vince Valentini. The analyst says "BCE expects to have the full incremental 900 MW of DC capacity (taking the Saskatchewan total to 1.2 GW) operational well within 10 years." Because the project remains a nonbinding MOU without locked-in customer contracts or power commitments, BCE hasn't updated its official 2028 guidance. However, Valentini calculates that its data center segment could account for C$10.08 a share, or 12% of BCE's target enterprise value. TD raises its target price by C$3 to C$40. BCE is up 1% to C$32.47. (adriano.marchese@wsj.com)

1006 ET - San Antonio is the most popular migration destination for Gen Zers, Redfin says. Houston is the hottest spot for millennial movers. Gen Zers are gravitating toward Washington, D.C. and Nashville--metros with plenty of job opportunities, along with lively social scenes. Millennials favor metro areas like Dallas and Baltimore--places that can offer more affordable housing. One thing the generations have in common: New York and Los Angeles are among the places they're most commonly leaving. Affordability is part of the story in pricey New York and Los Angeles, but Gen Z migration isn't purely about housing costs. Moves among young adults are also heavily influenced by college, first jobs and the transition from school into the workforce.