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<ul class="summary-list"><li>Wall Street analysts have high hopes for Meta's third-quarter earnings report on Wednesday. </li><li>Investors are keeping an eye on growth opportunities from AI. </li></ul>Wall Street analysts are upbeat ahead of Meta's third-quarter earnings report on Wednesday after the closing bell. Analysts generally expect positive revenue and earnings figures, thanks to the Facebook parent's AI ad optimization and the firm's <a target="_blank" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10#:~:text=Meta%20has%20gone%20through%20several,%22efficiency%22%20would%20be%20permanent.&amp;text=As%20of%20March%2C%20Meta%20had,of%202022%2C%20BI%20previously%20reported.">sweeping cost cuts</a>, which included several rounds of layoffs in recent years and saw the firm backing away from some of its <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-cuts-spending-reality-labs-meta-report-2024-7">virtual reality projects</a>. Investors will be keeping a close eye on signs Meta can continue that growth, with the company <a target="_blank" href="https://affiliate.insider.com?h=4d0247c89eeec6faa3e72d5dee88e7c60fa1cc284a9699c5902f9e7a696dc773&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fmeta-develops-ai-search-engine-to-lessen-reliance-on-google-microsoft">reportedly</a> working on a new search tool that will surf the web for its AI chatbot. Wall Street is also looking for strong guidance for the current quarter, though analysts see potential for costs to come in higher than expected.Here's what analysts are saying ahead of the tech giant's earnings report. <h2 id="a8b0515c-9d85-4b4d-b1cf-6fce44552568">"Long-term story is as strong as ever": Bernstein</h2>Meta's long-run growth trajectory looks solid, according to Bernstein senior analyst Mark Shmulik. The stock is up 70% this year and is up 550% since bottoming in 2022."Near term risk and reward feels balanced," Shmulik wrote in a note, adding that the firm had a "perma-bull position on all things Meta.""But the long-term story is as strong as ever. As we look ahead we're constructive on the core business with an expected launch of ads on Threads, continued Reels ramp, more AI/Advantage+ ad tools offer investors top-line upside with a potential TikTok ban not currently priced in," he later added.The firm issued an "Outperform" rating on the stock and a $675 price target, implying 15% upside from current levels.<h2 id="dc7c6a08-8f5f-4c79-812c-4fa35a463037">"Uniquely well positioned to monetize search": JMP</h2>Meta's reported search engine could be a huge positive for the company, JMP analysts said in a note."Meta is uniquely well positioned to monetize search given its 200M+ active SMBs and 12M+ active advertisers," the firm wrote. "To that end, we believe Meta could offer a compelling commercial experience for search given its existing advertiser and SMB relationships while also using search intent signal to power its core advertising product on Facebook and Instagram."The search tool, though, could raise capital expenditures and costs, analysts said, possibly by more than investors are expecting. The firm issued an "Outperform" rating on the stock and a $635 price target, implying an 8% increase from current levels.<h2 id="3ae15c9a-d200-4592-ae15-3f19e716186b">"Top AI pick": Bank of America</h2>BofA analysts expect a "modest" earnings beat from the tech giant on Wednesday. They forecast the firm to report as much as $47.5 billion in revenue, which would represent an 18% year-over-year increase.Meta is a "top AI pick," the analysts added, pointing to a handful of tailwinds, like strong growth in Meta's AI-powered ads business, continued growth among younger users, and more AI growth opportunities in general."Our checks suggest Meta could see strength from: 1) new AI tools and new CRM integration driving higher ROI and incremental ad spend, 2) ramping messaging and Reels monetization, and 3) modest (100-200bps) political ad spend benefit," analysts wrote.The bank reiterated its "Buy" rating and $630 price target on the stock, implying 7% upside from current levels.<h2 id="2fdf202a-5a5b-4d15-a99d-48ed4f86b7d1">"Clear leader in social media": Morningstar</h2>Meta is a "<a target="_blank" href="https://affiliate.insider.com?h=8e3a91b023e95d600e3f54d96021a46339a33c3d1cf4d2a1d57384a4edc6bc4a&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fstocks%2Fraising-fair-value-meta-stock-ai-ad-leadership">clear leader</a>" on an "unmatched scale" in the social meaning space, Morningstar said in a recent note, pointing to the firm's 4 billion monthly active users across its applications.Investors though, are keeping hawkish eye over signs Meta can sustain its growth, according to Dave Sekera, Morningstar's chief US market strategist."The market is going to be listening for any update on capex spending, specifically on generative AI. I'd really like to hear from them more specifically about how and when they will be able to monetize that spending. That's the big question for Meta," Sekara said. "Other than that, I'll be listening for an update on growth and digital ads; they had a big benefit from ad spending in Temu and Shein over the past couple quarters, so the question is whether that growth will continue or will it start to slow."The firm previously issued a 3-star rating for the stock and a fair value of $560, implying 5% downside from current levels.<h2 id="b7a7a27b-67d4-4195-b1a2-3e4d05b93099">"A tough bar to surpass": CFRA Research</h2>Meta could face challenges ahead due to the risk that growth decelerated in the last quarter, CFRA Research said."META has a tough bar to surpass in upcoming Q4 2024 and Q1 2025. We estimate Q3 growth decelerated to 18% from 22% in Q2 and see further deceleration to 15% in Q4 2024 and 13% in Q1 2025," CFRA senior equity analyst Angelo Zino wrote. He added that the challenge in the coming quarters will be to keep up with strong growth compared to the year-ago quarters. "We think year-over-year deceleration is due to lapping strong growth from China-based advertisers as well as strong Reels impression growth from a year ago. Still, we think digital ad trends remain healthy, with broad-based health across most regions and verticals," Angelo Zino, a senior equity analyst at CFRA, wrote.CFRA raised its price target on the stock to $650 a share, implying 11% upside.

Wall Street is bullish on Meta earnings as analysts eye an AI boost for the tech titan

<ul class="summary-list"><li>Stocks jumped on Tuesday, led by tech as Palantir stock helped the Nasdaq climb 1.4%. </li><li>Traders are eyeing the result of the US presidential election. </li></ul>US indexes surged Tuesday as a jump in tech stocks pulled indexes higher as traders headed toward the end of the US presidential election. A record earnings report from <a target="_blank" href="https://markets.businessinsider.com/stocks/pltr-stock">Palantir</a> helped push tech higher, with the stock soaring 23.5% to close at $51.15. The data software company delivered a record profit while showcasing high demand for its artificial intelligence products. Other tech leaders also ended higher, with Nvidia jumping almost 3% such as Nvidia and Tesla closing 3.5% higher.Nvidia's rally on Tuesday helped the chip titan surpass Apple as the world's most valuable company by market cap, at $3.42 trillion versus Apple's valuation of $3.38 trillion. The S&amp;P 500 and tech-heavy Nasdaq climbed 1.2% and 1.4%, respectively in the session. The Dow Jones Industrial Average rose by almost 430 points.Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,782.76, up 1.23%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,221.88, up 1.02% (+427.28 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,439.17, up 1.43%</li></ul>As voters flocked to the polls, Wall Street is on edge for the possibility of an uncertain election outcome following the conclusion of the vote.Some popular Trump trades rose throughout the day, with bitcoin and shares of Trump Media rising in anticipation of a potential Republican win. Treasurys yields edged slightly lower, with the 10-year bond dipping two basis points to 4.289%.On Wednesday, Wall Street's focus will quickly shift from the presidential race to the Federal Reserve's two-day policy meeting.<a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html"> Futures markets</a> indicate a 98.2% chance the central bank cuts interest rates by 25 basis points at the conclusion of its meeting on Thursday.Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/super-micro-computer-stock-delisting-risk-this-month-november-smci-2024-11?_gl=1*567hsv*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MDQzLjU5LjAuMA..">Super Micro Computer faces delisting from the Nasdaq as it comes up against a compliance deadline. </a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-election-stock-market-outlook-best-case-scenario-congress-gridlock-2024-11?_gl=1*11y3l5j*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM3OTIxLjYwLjAuMA..">A divided Congress would be the best-case outcome for stocks, JPMorgan says.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/election-bear-market-us-economy-stock-market-outlook-goldman-sachs-2024-11?_gl=1*1rj5c60*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM3OTgxLjYwLjAuMA..">There's an 18% chance that stocks are heading toward a post-election bear market,</a> Goldman Sachs says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stocks-to-buy-recession-investing-strategy-defensive-economy-outlook-money-2024-11?_gl=1*1936m0t*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MTM0LjYwLjAuMA..">A warning signal in the economy is telling investors to load up on defensive stocks, research firm says.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-gas-ukraine-war-budget-moscow-crude-prices-2024-11?_gl=1*1yvzx3u*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MzA1LjYwLjAuMA..">Volatile crude prices send Russian oil revenue down 28% in October.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 0.99% to $72.18 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.81% to $75.69 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> increased by 0.18% to $2,751.2 an ounce.</li><li>The 10-year Treasury yield dipped two basis points to 4.289%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 2.82% to $69,401.</li></ul>

Stock market today: Tech leads indexes higher as markets head toward the result of the US election

<ul><li>The Indian wearable market has declined for the second consecutive quarter.</li><li>The smartwatch segment has recorded a huge decline in shipments in Q3 2024.</li><li>The earwear segment has also declined, while the smart ring segment remains strong.</li></ul>The <keyword id="22725790" type="General" weightage="20" keywordseo="Indian-wearables-market" source="keywords">Indian wearables market</keyword> has declined for the second consecutive quarter, recording a 20.7% year-on-year decline in shipments in Q3 2024. There was a 10% decline in shipments in Q2 2024. According to a report by the International Data Corporation, 38 million devices were shipped in the country’s wearables market in Q3 2024. The decline is being attributed to a reduction in new product launches and a cautious inventory strategy. <h2>Smartwatch shipments decline</h2>The smartwatch category recorded a decline of 44.8% as shipments declined from 16.92 million devices in Q3 2023 to 9.34 million in Q3 2024. Not just the basic smartwatches, the shipments of premium smartwatches also declined by 39.9% year-on-year. The Smartwatch average selling price (ASP) however increased by 1.4% from $25.8 to $26.2. The wristband category, which remained strong in Q2 has also declined in Q3, recording a 48.4% year-on-year decline in shipments. The earwear category also struggled, with a 7.5% decline in shipments from 30.29 million in Q3 2023 to 28.52 in Q3 2024. <h2>The smart ring category continues to shine</h2>The smart ring market has remained strong, with 92 thousand smart rings shipped in Q3 2024. The quarter also recorded a decline in the average selling price of 16.2% to $162.1. Ultrahuman continues to lead the smart ring category in India with a 36.8% market share, boAt comes in second with a 20.5% share and Pi Ring is third with a 16.3% market share. <h2>Smartwatch market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.40% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.20% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.60% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fire-Boltt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.60% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.30% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10% </td></tr></tbody></table> Source: IDC Noise continues to dominate the Indian smartwatch market with a 27.4% market share in Q3 2024, up from a 20.7% market share in Q3 2023. boAt comes in second with a 16.7% market share, up from a 14.2% market share in Q3 2023. “Amid market trends like consolidation, premiumization, and evolving consumer expectations, we have not only weathered these changes but thrived, with a 10-15% year-on-year increase in average selling prices across marketplaces,” said Amit Khatri, Co-Founder, Noise in a statement to Business Insider India. “The smartwatch category remains stressed as we head into 2025 due to undifferentiated products and a limited number of brands in play. Its market is expected to remain flat or decline marginally in 2025,” said Vikas Sharma, senior market analyst, Smart Wearable Devices, IDC India. “However, we are seeing early signs of a gradual consumer shift from basic to advanced smartwatches, as the need for better health tracking with efficient sensors and advanced functionality is gradually coming to the fore,” Sharma added. <h2>TWS market share in India</h2><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">boAt </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.80% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.10% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Boult </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.50% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Noise </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.10% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.70% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo + OnePlus </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td></tr></tbody></table> Source: IDC boAt continues to be the market leader in the TWS segment in Q3 2024 despite a decline in its market share. The company leads the market with a 36.8% market share, with Boult a distant second with a 13.5% market share. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms">Tata to buy a majority stake in Pegatron's iPhone plant in India</a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle

I can tell you how hedge-fund land used to operate because I was there.A few times a year in locations around the world — <a target="_blank" href="https://www.businessinsider.com/what-hedge-fund-managers-do-in-vegas-2014-5">Las Vegas</a>, <a target="_blank" class="" href="https://www.businessinsider.com/anthony-scaramucci-skybridge-capital-salt-conference-hedge-funds-2021-9">New York City,</a> Singapore — thousands of money managers and their juniors would gather in an over-air-conditioned ballroom, make polite conversation over stale coffee, and sit through boring lectures about portfolio construction or talent acquisition or some no-name undervalued asset. Then a superstar hedge-fund manager would take the stage, and the vibe would shift. It was time to pay close attention, to take in what the congregation believed to be the insights of a superior mind observing the market.At some conferences, these supposed masters of the universe would <a target="_blank" class="" href="https://www.businessinsider.com/sohn-coffey-elliott-einhorn-return-to-fundamentals-2024-4">give detailed presentations</a> about a woefully mispriced security. At others, they would wax philosophical about their investment style, dropping breadcrumbs about where their money was flowing. No matter the topic, the room would be rapt. When company or asset names were dropped, the market would follow, moving up or down to whatever tune the superstar played. This was the ultimate power of a hedge-fund king. They played music, and the market danced.Then all that stopped. It's hard to pinpoint when this changed or why the hedge-fund megastar is in decline. Maybe <a target="_blank" class="" href="https://www.businessinsider.com/hedge-fund-launches-ground-to-a-halt-by-coronavirus-pandemic-2020-3">it was the pandemic,</a> when meeting in over-air-conditioned ballrooms became an absolute no-no. Perhaps it was the rise of other glamourous investment vehicles — <a target="_blank" class="" href="https://www.businessinsider.com/how-institutional-investors-view-hedge-funds-private-markets-push-2022-2">private equity</a>, <a target="_blank" class="" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">private credit</a>, and venture capital slowly eating up the institutional money that used to be handed to hedge funds helmed by a single all-powerful trader. Maybe there was a psychological shift in the managers themselves — like when David Tepper, the founder of Appaloosa Management and a regular on the list of best-paid hedge-fund managers in the world, <a target="_blank" class="" href="https://www.businessinsider.com/david-tepper-carolina-panthers-owner-hedge-fund-billionaire-2024-1">bought the Carolina Panthers</a> and left Wall Street to go play with his new toy. It's all hard to say.What is clear is that hedge funds run by an individual star, by one prodigious mind, are not raising the massive money they used to. Clients who once were proud to hand their money to a specific person are pushing back; they want to pay lower fees and see less-volatile returns. The funds that have survived rely on a stable of faceless traders testing out different ideas, brokering transactions, and harvesting the returns for the collective. Quant strategies — which are built on algorithmic trading — have also become more popular with the ultrawealthy. More robots, fewer people, lower overhead.A decade ago, this kind of open rebellion from those blessed enough to invest with the best would've been unthinkable. Back then, Anthony Scaramucci could hire Lenny Kravitz to play for a ballroom full of guys with lanyards at the Bellagio because people were willing to shell out thousands just to get a peek into what big-name managers were doing. That party is over. Hedge-fund land, which was once a collective of <a target="_blank" href="https://www.businessinsider.com/waiters-at-marea-know-never-to-seat-bill-ackman-near-carl-icahn-2012-9">boisterous shit-talkers</a> from around the world flinging ideas at one another, has gone strangely quiet. What you hear now is the click-clack of quant nerds building a new algo, a few blasé words from a legendary manager who has closed up shop in frustration, and rumors of one nondescript portfolio manager being poached from one huge, flavorless fund to another. I would never say Wall Street was a fun place exactly, but this state of affairs is — frankly — boring.<h2>Catch a falling star</h2>The signs of our new, staid norm are everywhere. The most glaring is the inability of hedge-fund land to mint new stars. A new generation of superstars shows there's still demand for their minds as a financial product. Even more-seasoned names who are raising their shingles can't launch with the same panache as before. Bobby Jain, the former co-chief investment officer of Millennium Management, announced in 2023 that he planned to <a target="_blank" class="" href="https://www.businessinsider.com/jain-global-trading-strategies-hiring-pm-investment-talent-2023-12">raise $8 billion to $10 billion</a> to set up his own shop. It would have been a historic sum for a hedge fund, but he has what was once considered the perfect pedigree: 20 years at Credit Suisse in various executive investment positions, then a stint as co-chief investment officer at Millennium Management. When he <a target="_blank" href="https://www.businessinsider.com/bobby-jain-global-hedge-fund-launch-2024-6">finally opened his firm, Jain Global, in late June</a>, he did so with about half of what he expected. And Jain may be the high-water mark in a bleak time; Goldman Sachs released a report in February based on 358 interviews with hedge-fund clients that found that investments in hedge-fund launches fell to new lows in 2023. Denise Shull, a performance coach with a Rolodex full of hedge-fund clients, told me that in the first half of the year, money managers told her they could "not buy an investor meeting this year." Even the old lions are struggling to roar in the same way. Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. It used to be that when an activist investor with chops demanded those changes, the company's CEO would sit up and listen. Or there would be a fun, splashy war between the hedge fund and the C-suite. Nowadays, that kind of activity is met with a shrug. <a target="_blank" class="" href="https://www.businessinsider.com/saba-capital-performance-november-boaz-weinstein-2023-11">Saba Capital's Boaz Weinstein</a> could not budge BlackRock in his quest to change the way it managed closed-end funds. Disney basically rolled its eyes when Nelson Peltz launched a monthslong campaign to get the company to shake up its board and ditch CEO Bob Iger. Even Paul Singer's Elliott Management — a hedge fund that <a target="_blank" href="https://www.businessinsider.com/hedge-fund-elliott-capital-management-seizes-ara-libertad-ship-owned-by-argentina-2012-10">impounded an Argentine naval vessel in 2012</a> because the country's government owed it money — has failed in its efforts to reshape Salesforce. The board does not seem concerned about Elliott, and other shareholders are not jumping on Elliott's bandwagon. Or, as one surviving fund manager, ValueWorks founder Charles Lemonides, put it to me simply: "There's no posse behind them." The vultures can circle all they want, but no one fears them anymore.It's gotten so bad that even the people who have entrusted their money to hedge-fund land are pushing back. In May, a group of clients including sovereign wealth funds, pension funds, and endowments representing about $200 billion in invested capital published an open letter to the hedge-fund industry. They said that in recent years a misalignment between the hedge-fund world's fee structure and its returns (some of them gasp "skill-less") had become evident — and so, in an effort to realign managers with their clients, cash hurdles in incentive fees must be implemented. "The long-term health of the industry," they wrote, depends on it.<h2>So last season</h2>The waning power of the hedge-fund personality comes down to two big factors. The first is performance. One would think that a stock market that has charged up relentlessly would be good news for the hedge-fund community. Instead, it has had the opposite effect. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. When the market is rewarding people just for parking their money in it, it's harder to beat — <a target="_blank" class="" href="https://www.businessinsider.com/alpha-generating-returns-2010-9">to generate alpha</a>, returns in excess of what the market provides. If the waters are not choppy, anyone can sail.The performance issues also reinforce a vicious cycle. There's fashion in finance. Investing in hedge funds used to be the mark of a sophisticated investor. Meir Statman, a behavioral economist at Santa Clara University who wrote the book "A Wealth of Well-Being: A Holistic Approach to Behavioral Finance," told me that he was at a conference years ago discussing mutual funds with an attendee when the man interrupted: "I'm into hedge funds." It was a status symbol, Statman said, a way for him to "tell you that I'm a wealthy man without saying I'm a wealthy man, which sounds crass."That's shifted. Hedge funds, Statman said, "have been losing power for a while," while other kinds of investing, like private equity and private credit, have taken on the air of sophistication. This has had a psychological effect on clients, not unlike the chill Paris Hilton must feel when she looks at <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-brands-trends-they-brought-back-made-2023-4">the Marc Jacobs bags</a> she wore back in the early 2000s."When you think about buying a car, you care about utilitarian features, but you also care about expression and emotional benefits, the style: 'What does it say about me?'" Statman told me. It's the same with being a big-money client, and what you want your investment to say is that you know how to get the best. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. In decades past, clients were mostly <a target="_blank" class="" href="https://www.businessinsider.com/what-ultra-high-net-worth-investors-are-buying-family-office-2024-6">HNWIs: high-net-worth individuals.</a> Nowadays the biggest money runners are institutions, and institutions are more exacting. One legendary but shy fund manager told me that these institutions are more interested in steady returns, and the wild swings in performance that hedge funds offer simply give them heartburn. "They can sleep better at night," the person said. "The economy can turn bad, the stock market can crash, and they're not going to share losses."Sebastian Mallaby, the author of "More Money Than God: Hedge Funds and the Making of the New Elite," told me that institutions are also less willing to be enchanted by the personal magnetism of a founder like <a target="_blank" class="" href="https://www.businessinsider.com/julian-robertson-dead-tiger-cubs-hedge-fund-spinoffs-2022-8">Julian Robertson</a>, the founder of the <a target="_blank" class="" href="https://www.businessinsider.com/julian-robertson-memorial-service-tiger-cubs-2022-9">legendary fund Tiger Management</a>."In the old days, Julian Robertson would hold a party for HNWIs and have some kind of wacky show for them at the Met, and they'd say 'Julian, what a guy' and leave him alone for a year," Mallaby said. "That's gone away because individual investors aren't as important as institutional investors, who have to show they've been careful where they put the money."And it's not just about where hedge funds put money anymore — it's about how. To prove that they're cautious with cash and avoid the wrath of regulators, hedge funds must stay on top of disclosure requirements, employ the appropriate compliance officers, and pay the right lawyers. This has gotten more complex, tedious, and expensive over the years. It is the kind of drudgery that is the parlance not of rockstar traders but of CEOs. So it is unsurprising that the most successful funds these days are multi-strategy firms helmed by a business operator. Firms like that are structured to handle eye-watering overhead costs, staff dozens of anonymous portfolio managers, and are managed by staid executives whose idea of a joy ride in their Ferrari is taking it through the McDonald's drive-thru.<h2>A beautiful washout</h2>Now, with all this said, I am by no means asking you to feel sorry for these (maybe) former so-called masters of the universe. They will be fine even if they have to sell their yachts. What we are observing here is simply that the market can be unforgiving. This is a bull market whose length and breadth have made a fool of professionals and made professional fools. "In bull markets, people get run over," Lemonides said.Of course, no one knows how long the market will keep going up or how long swashbuckling hedge funders will be out of favor. We know only that nothing lasts forever — not bull markets, not bear markets, not investment strategies."At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said. "Certain styles have come to an end because they have become saturated. The great traders are the ones who morph what they do every five years." If you do not adjust to the market, the market adjusts you. All of a sudden, everything that worked doesn't work anymore. Then Wall Street demands new names and new faces. For now, we live in a world dominated by bizarro retail traders and wonky quants. Keith Gill, aka "Roaring Kitty," became a folk hero to social-media-pilled day traders and an obsession of the financial media by looking buffoonish and talking up GameStop's withering stock on the internet in 2021. It crashed, just like the hedge-fund guys said it would. But the episode — and <a target="_blank" href="https://www.businessinsider.com/roaring-kitty-tweets-gamestop-amc-meme-stocks-crypto-sad-2024-5">Gill's return this May</a> — seemed to show that the ability to move a stock had transformed from a magic power into a magic trick."I'm not inclined to take a side between traders," Mallaby said, "but when David Einhorn" — the founder of Greenlight Capital — "was banking on the classic fights that he fought, I remember watching some of his arguments as to why such and such was overpriced. And they were arguments; they were based on forensic accounting." He added, "I do have more respect for that than someone who puts on wacky sunglasses, but it is fair game, and I'm not inclined to get moralistic about it."For now, as the old methods of making money in the market seem to be floundering, everyone is looking for the new, the different, the smarter. Even the old pipelines of talent seem passé."Don't give me another Harvard or Princeton grad saying, 'Look at my analysis,'" Andrew Left, the founder of the activist short-selling fund Citron Research, told me. "It's like, 'Fuck off, bro.'"No one knows where the market is going, but we know that it will change. Maybe dramatically, maybe less so. Perhaps what we are witnessing right now in hedge-fund land is less an extinction and more a pause as the industry waits for the market to reveal a more familiar new normal. That has happened before, but heads tend to roll rather violently along the way.Months ago, I asked that shy legendary hedge-fund manager to name one — just one — rising star in their industry. They could not. But they were sure that person was out there. Somewhere. Right?<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

The last gasp of the swashbuckling Wall Street titans

<ul class="summary-list"><li>Five French luxury icons grew $50 billion richer last week on the back of China's stimulus plans.</li><li>LVMH's Arnault, the L'Oréal heiress, the brothers behind Chanel, and Kering's founder all made bank.</li></ul>Five titans of French fashion and beauty added a full $50 billion to their fortunes last week, boosting their combined wealth to more than $420 billion. The trigger was China unveiling its <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/stocks/china-economy-stimulus-bernard-arnault-6-billion-richer-lvmh-stock-2024-9">stimulus plans</a>, which stoked hopes of a <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-wealth-slumps-lvmh-retail-luxury-boom-falters-rich-2024-7">consumer-spending rebound</a> and sparked a stock-market rally.LVMH CEO <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a> grew $30 billion richer in just five trading days thanks to a 19% surge in shares of the luxury behemoth behind Louis Vuitton, Sephora, and Tiffany &amp; Co. His net worth soared to $207 billion, propelling him past Oracle cofounder Larry Ellison and Meta CEO Mark Zuckerberg into <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-bernard-arnault-wealth-mark-zuckerberg-meta-stock-china-stimulus-2024-9">third place</a> on the Bloomberg Billionaires Index.<a target="_blank" class="" href="https://www.businessinsider.com/meet-richest-woman-world-francoise-bettencourt-meyers-loreal-2023-9">Françoise Bettencourt Meyers</a>, the granddaughter of L'Oréal's founder, notched an $8 billion gain between Monday and Friday as shares of her family's cosmetics company jumped. She now ranks 19th on the rich list with a $93.5 billion fortune, <a target="_blank" class="" href="https://www.businessinsider.com/alice-walton-wealth-walmart-family-richest-woman-bettencourt-meyers-billionaires-2024-8">just behind Alice Walton</a>, the Walmart heiress and world's wealthiest woman with a $99.5 billion net worth.<div type="image" title="Francoise Bettencourt-Meyers" height="3264" width="4896" msid="113820031" hostid="261" sizebytes="467570"></div><a target="_blank" class="" href="https://www.businessinsider.com/wertheimer-family-chanel-fortune-gerard-alain-vineyards-thoroughbred-net-worth-2019-2">Alain and Gerard Wertheimer</a>, whose grandfather cofounded Chanel with Coco Chanel, gained nearly $5 billion apiece last week. The brothers' estimated fortunes of $48.1 billion each put them 29th and 30th in the wealth rankings.<div type="image" title="Alain and Gerard Wertheimer" height="1334" width="2000" msid="113820028" hostid="261" sizebytes="346518"></div>Kering founder <a target="_blank" class="" href="https://www.businessinsider.com/francois-pinault-kering-art-collection-gucci-house-christies-net-worth-2019-3">François Pinault</a>'s net worth rose by $2.3 billion to $25.6 billion last week, placing him 78th on the list. His <a target="_blank" class="" href="https://www.businessinsider.com/francois-henri-pinault-bio-salma-hayek-kering-gucci-balenciaga-2023-3">son</a> now runs the luxury powerhouse behind Gucci, Balenciaga, and Yves Saint Laurent.<div type="image" title="Francois-Henri Pinault and Salma Hayek stand in front of background that reads Gucci" height="1623" width="2500" msid="113820033" hostid="261" sizebytes="206342"></div>These five individuals all rank among France's six wealthiest people, along with Rodolphe Saadé, the chairman of logistics giant CMA CGM Group and the world's 44th richest person after a $15 billion wealth jump this year.<h2 id="80450b19-11ca-4332-8359-198b0872a9c0">Wear and tear</h2>Prior to last week, Arnault was the <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-bernard-arnault-wealth-rich-list-billionaires-luxury-musk-bezos-2024-9">world's biggest wealth loser</a> this year with a $30 billion drop. But that decline was virtually erased by the LVMH stock surge, leaving him only $300 million in the red at Friday's close.His luxury peers haven't been so lucky, however. Pinault has shed the third-most wealth with a near-$10 billion decline, while Bettencourt Meyers places fifth on that unflattering list with a $6.2 billion drop. As for the Wertheimers, they're up about $1 billion going into the fourth quarter.Despite their significant gains, the French quintet is still far less rich than at its peak. Arnault was worth $24 billion more at $231 billion in March, which made him the <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-lvmh-worlds-richest-person-overtakes-jeff-bezos-2024-3">world's wealthiest person</a> at the time.Bettencourt Meyers was $7.5 billion richer at <a target="_blank" class="" href="https://www.businessinsider.com/loreal-heir-richest-woman-billionaire-francoise-bettencourt-meyers-fortune-2023-12">$101 billion</a> in June, while the Chanel siblings were each worth about $6.4 billion more at roughly $55 billion around the same time. Pinault was worth over $11 billion more at $36.7 billion in February.Of course, their $422 billion of joint wealth is still staggering. It makes the five more valuable together than Procter &amp; Gamble, Home Depot, or Costco, which are each valued at between $390 billion and $410 billion.

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