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<ul class="summary-list"><li>Nuclear-power stocks fell after regulators voted against a deal between Amazon and Talen Energy.</li><li>The deal would permit a Talen nuclear plant to provide an Amazon data center with extra power.</li></ul>Nuclear-power stocks slumped on Monday after US regulators barred a plant from supplying extra power to an <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> data center.The Federal Energy Regulatory Commission rejected the deal between Amazon and <a target="_blank" href="https://markets.businessinsider.com/stocks/tln-stock">Talen Energy</a> late last week. According to FERC Commissioner Mark Christie, approving the proposal would <a target="_blank" href="https://www.ferc.gov/news-events/news/commissioner-christies-concurrence-pjms-susquehanna-co-location-proposal-er24-2172">spark consequences for grid reliability and consumer costs</a>.Talen dropped as much as 8.6% on Monday, unleashing a broader downturn in the nuclear power sector. <a target="_blank" href="https://markets.businessinsider.com/stocks/vst-stock">Vistra</a> slid 6.7% at intraday lows, while <a target="_blank" href="https://markets.businessinsider.com/stocks/ceg-stock">Constellation Energy</a> tanked 13%.These firms have gained sharply as AI data centers have driven US <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-power-grid-demand-utility-bill-outlook-electricity-ev-2024-7">power demand to new heights</a>. In recent months, tech companies have come to embrace nuclear power to run these centers, fueling underlying equities.Both Vistra and Constellation are among the top S&amp;P 500 performers this year. In a similar fashion to Talen, Constellation reached a 20-year deal with <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> to power its data center inBut the FERC's decision sets a precedent that could challenge nuclear data center deals."FERC's decision will have a chilling effect on economic development in states such as Pennsylvania, Ohio, and New Jersey," Talen <a target="_blank" href="https://ir.talenenergy.com/news-releases/news-release-details/talen-energy-statement-ferc-order-rejecting-susquehanna-isa">said in a statement</a>.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-04/us-power-stocks-slump-after-regulator-rejects-nuclear-agreement">Bloomberg</a>, the firm was already paid $650 million in March by Amazon Web Services for a data center campus next to the Pennsylvania plant at issue. AWS also signed a long-term deal to purchase power from the plant.Other nuclear equities also suffered on Monday, with the Sam Altman-backed firm <a target="_blank" href="https://markets.businessinsider.com/stocks/oklo-stock">Oklo</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/nne-stock">Nano Nuclear Energy</a> both falling by double-digits.

Nuclear-power stocks slide after regulator rejects plan to power Amazon data center

<ul class="summary-list"><li>US stocks ended Monday mostly higher, led by a surge in Tesla on the potential for easing autonomous vehicle rules.</li><li>The Nasdaq 100 rebounded after a more than 3% drop last week, which was partly influenced by the Fed's interest-rate outlook.</li></ul>US stocks traded mostly higher on Monday, partly driven by a surge in <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla.</a>Tesla stock jumped as much as 9% after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">a report said</a> the incoming Trump administration was planning to ease regulations on autonomous vehicles.The <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> led the market higher, ending a five-day losing streak, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained slightly and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> edged lower.The gains in the Nasdaq on Monday come after last week's more-than-3% decline, which was exacerbated by comments from Fed Chairman Jerome Powell.Powell said in a Thursday speech that the Fed can take its time in lowering interest rates.Investors are now pricing in a 59% chance of a 25-basis-point rate cut at December's Fed meeting, down from 80% before Powell's comments, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors' top concerns this week include Nvidia's third-quarter earnings report, which is due after the market closes on Wednesday.For economic data, traders will be paying attention to housing starts and building permits, which are due out Tuesday morning. That will be followed by existing home sales and initial jobless claims, which are set to be released Thursday morning.Here's where US indexes stood at the 4 p.m. closing bell on Monday:<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">S&amp;P 500</a>: 5,893.62, up 0.4%</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">Dow Jones Industrial Average</a>: 43,389.60, down 0.1% (55 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">Nasdaq composite</a>: 18,791.81, up 0.6%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">The stock market's Trump honeymoon is starting to turn sour</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/read-spirit-airlines-open-letter-customers-bankruptcy-keep-flying-booking-2024-11">Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-blackwell-chip-ai-overheating-delay-share-price-2024-11">Nvidia's next-gen Blackwell GPU chip has reportedly hit an overheating snag.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-rate-cuts-outlook-economy-trump-tariffs-tax-cuts-2024-11">Watch these 4 signs of re-inflation ahead of Trump's second administration.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-morgan-stanley-mike-wilson-bullish-11-upside-2024-11">Morgan Stanley strategist Mike Wilson turned bullish on stocks, issuing a 2025 year-end price target of 6,500 for the S&amp;P 500.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">Uber shares fell 5% following concerns that a Tesla autonomous vehicle network could impact its business negatively.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 3.32% to $69.14 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.18% to $73.30 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> increased 1.66% to $2,612.70 an ounce.</li><li>The 10-year Treasury yield dropped 2 basis points to 4.422%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 1.58% to $91,300.</li></ul>

Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

<ul class="summary-list"><li>Tech giants like Amazon and Microsoft are striking nuclear power deals for their AI data centers.</li><li>The nuclear power resurgence is driven by clean energy demand and AI's soaring power needs.</li></ul>The nuclear power industry <a target="_blank" class="" href="https://www.businessinsider.com/amazon-google-microsoft-openai-big-tech-investment-nuclear-ai-race-2024-10">is undergoing a renaissance</a> as demand for clean power soars across the country, partly driven by the soaring energy needs associated with artificial intelligence data centers.Mega-cap technology companies, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, have inked nuclear power deals to feed their growing energy needs as AI becomes a bigger part of their businesses. One utility company is even restarting the Three Mile Island nuclear power plant after inking a 20-year deal to sell the power to Microsoft.Three Mile Island, located on the Susquehanna River in Pennsylvania, was the site of the country's worst nuclear accident in 1979.Meanwhile, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nuclear-power-strategy-ai-2024-10">Amazon has led a $500 million financing round</a> for a company developing modular nuclear reactors and purchased a nuclear-powered data center in March for $650 million."One of the fastest ways to address climate change is by transitioning our society to carbon-free energy sources, and nuclear energy is both carbon-free and able to scale—which is why it's an important area of investment for Amazon," Amazon Web Services CEO, Matt Garman, said in a press release.Analysts on Wall Street are encouraged, too. "The nuclear energy projects involve the construction of several Small Modular Reactors (SMRs), a compact, advanced type of reactor that can be built closer to grids and completed faster than traditional reactors. SMRs also offer the potential to reduce carbon emissions, paving the way for cleaner, more sustainable energy," CFRA analyst Arun Sundaram said in a note last week.He added: "With the full power of AI dependent on both data centers and energy infrastructure, these investments further help AMZN secure its positioning as a leading cloud/AI provider."The resurgence in nuclear power has led to big moves on Wall Street, with some stocks more than doubling in just a few days this month.From utility companies to uranium miners to small-scale nuclear developers, these stocks are soaring amid the revival of America's nuclear power industry.7. Cameco<div type="image" title="CCJ stock" height="568" width="671" msid="114593576" hostid="261" sizebytes="23410"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ccj-stock">CCJ</a> Market value: $23.6 billion YTD Performance: +25%6. BWX Technologies<div type="image" title="BWXT stock" height="595" width="682" msid="114593572" hostid="261" sizebytes="21428"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bwxt-stock">BWXT</a> Market value: $11.3 billion YTD Performance: +62%5. Oklo<div type="image" title="OKLO stock" height="590" width="674" msid="114593573" hostid="261" sizebytes="18650"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/oklo-stock">OKLO</a> Market value: $2.4 billion YTD Performance: +88%4. Constellation Energy<div type="image" title="CEG stock" height="610" width="680" msid="114593579" hostid="261" sizebytes="23222"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ceg-stock">CEG</a> Market value: $83.5 billion YTD Performance: +128%3. Vistra<div type="image" title="CEG stock" height="570" width="676" msid="114593574" hostid="261" sizebytes="22818"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/vst-stock">VST</a> Market value: $43.0 billion YTD Performance: +224%2. Nano Nuclear Energy<div type="image" title="NNE stock" height="588" width="677" msid="114593578" hostid="261" sizebytes="21170"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nne-stock">NNE</a> Market value: $589.6 million YTD Performance: +272%1. NuScale Power<div type="image" title="SMR stock" height="567" width="676" msid="114593570" hostid="261" sizebytes="21064"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/smr-stock">SMR</a> Market value: $1.8 billion YTD Performance: +481%

Nuclear power stocks are soaring amid an AI energy push. Here are 7 names to watch.

As many as seven <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-group" source="keywords">Adani group</keyword> stocks ended lower on Friday as the Swiss authorities froze USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of a money laundering probe, suspecting he may be a frontman from the group -- a charge the conglomerate vehemently denied. Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="Adani-Power" source="keywords">Adani Power</keyword> dropped 2.73 per cent, Adani Energy Solutions declined 2.42 per cent, Adani Ports slipped 1.37 per cent, Adani Green Energy went lower by 1.17 per cent, Adani Enterprises dipped 0.76 per cent, Adani Total Gas (0.55 per cent) and Adani Wilmar (0.37 per cent) on the BSE. However, three group firms managed to settle in the green. The stock of <keyword id="19963163" type="General" weightage="20" keywordseo="ACC" source="keywords" meta.keywordsubtype="org" meta.entityname="ACC" meta.hostid="261" meta.entityid="ACC">ACC</keyword> jumped 1.94 per cent, NDTV climbed 1.01 per cent and <keyword id="20057393" type="General" weightage="20" keywordseo="Ambuja-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="Ambuja Cements" meta.hostid="261" meta.entityid="Ambuja Cements">Ambuja Cements</keyword> (0.01 per cent). During the day, shares of Adani Power tumbled 3.20 per cent, Adani Energy dived 2.75 per cent, Adani Green declined 1.53 per cent, Adani Ports went down by 1.51 per cent, Adani Enterprises fell 1.18 per cent, Adani Wilmar (1.07 per cent), Adani Total (0.89 per cent), NDTV (0.57 per cent), Ambuja Cements (0.54 per cent) and ACC (0.46 per cent). Swiss authorities have frozen USD 311 million (Rs 2,610 crore) held by a Taiwanese resident in multiple Swiss bank accounts as part of money laundering probe, suspecting he may be a frontman from the Adani group -- a charge the conglomerate vehemently denied saying it was neither involved in any Swiss court proceedings nor any of its accounts are subject to sequestration. US-based short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword>, which had last year targeted the Adani group in a damning report that led to wiping away of USD 150 billion in market value of listed firms of the conglomerate in the following weeks, in a post on X cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021." "Prosecutors detailed how an Adani frontman invested in opaque BVI/Mauritius &amp; Bermuda funds that almost exclusively owned <keyword id="20372802" type="General" weightage="20" keywordseo="Adani-stocks" source="keywords">Adani stocks</keyword>," it said citing the report. Adani group rejected the allegations as baseless, saying it had no involvement in any Swiss court proceedings. "We unequivocally reject and deny the baseless allegations presented. The Adani Group has no involvement in any Swiss court proceedings, nor have any of our company accounts been subject to sequestration by any authority," it said. The Swiss media outlet Gotham City in its report stated that a ruling by the Federal Criminal Court (FCC) reveals that the Geneva Public Prosecutor's Office was investigating alleged wrongdoing and more than USD 310 million belonging to an alleged frontman for billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> have been sequestered in five Swiss banks over the last three years. The Swiss investigators suspect that the associate, Chang Chung-Ling, is not the ultimate beneficial owner (UBO) of the company under investigation, but a mere front. The Adani Group, however, said that the court order was not linked to them and they have not been mentioned in it. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/stock-market/news/pn-gadgil-jewellers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113302533.cms">PN Gadgil Jewellers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Majority of Adani group stocks settle lower; Adani Power drops nearly 3%

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars," Breon Peace, US Attorney for the Eastern District of New York, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul class="summary-list"><li>Investors are too optimistic about the near-term prospects of AI, Vanguard said.</li><li>Firms would need to growth profit by 40% annually for the next three years to match valuations, the firm said.</li></ul>With tech companies still <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">pushing the boundaries</a> of artificial intelligence, market excitement for it seems endless.But this enthusiasm expects too much from the technology in too little time, <a target="_blank" class="" href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/vemo/economic-payoff-ai-coming-but-not-here-yet.html">Vanguard</a> wrote on Thursday.Wall Street is rife with upbeat forecasts about what AI could do to the economy and corporate profits. Most of them are pinned to a US workplace revolution and a productivity boom.That optimism has helped fuel strong stock gains, with the benchmark S&amp;P 500 up 18% year-to-date through Thursday.But Vanguard global chief economist Joe Davis thinks expectations are too high, and says that stocks are overvalued even if the AI boom plays out as anticipated.He estimates that US corporate profits would have to growth by 40% annually over the next three years to justify where stocks are trading now. For context, the S&amp;P 500's trailing one-year earnings growth rate through the second quarter of 2024 was 10.9%, according to <a target="_blank" class="" href="https://advantage.factset.com/hubfs/Website/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_081624.pdf">FactSet data</a>."I'm optimistic about the long-term potential of artificial intelligence to power big increases in worker productivity and economic growth," global chief economist Joe Davis wrote. "But I'm pessimistic that AI can justify lofty equity valuations or save us from an economic soft patch this year or next."He continued: "This is double the annualized rate of the 1920s, when electricity lit up the nation — not to mention economic output and corporate income statements."Such a historic surge in corporate performance looks even less probable if the economy cools down next year. Vanguard expects GDP to expand by just 1% to 1.5% in 2025.It's not that the investment firm has no faith in AI's potential — its research suggests 45% to 55% odds that AI will trigger a boom in labor productivity. Between 2028 and 2040, that could spur a 3.1% annualized rate of US growth in real terms.But investors need to let go of any notions that this will happen immediately, Davis said. While firms have <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7">poured billions to advance</a> their position in the sector, some market players are incorrect in thinking that AI investing will reach $1 trillion in the near term:"$1 trillion in AI investment by 2025 would require 286% growth. That's probably not going to happen, which means we're unlikely to experience an AI-driven economic boom in 2025," he said.Some on Wall Street are much more pessimistic. BlackRock has said there's a strong chance that heavy AI investing will trigger <a target="_blank" class="" href="https://www.businessinsider.com/artificial-intelligence-ai-inflation-productivity-boom-interest-rates-fed-blackrock-2024-6">higher inflation</a> before any production boom can come. That could erode corporate profit growth.

US stocks are overvalued because of unrealistic expectations for AI-powered economic growth, Vanguard says

<keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> said it has received <keyword id="21075266" type="General" weightage="20" keywordseo="shareholders-approval" source="keywords">shareholders' approval</keyword> to raise <keyword id="23666886" type="General" weightage="20" keywordseo="Rs-1524-60-crore" source="keywords">Rs 1,524.60 crore</keyword> through issuance of <keyword id="20770487" type="General" weightage="20" keywordseo="preferential-shares" source="keywords">preferential shares</keyword>. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. <div type="Article" hostid="261" msid="79183505" title="Happy Dhanteras 2024 messages and wishes" mstype="2" mssubtype="0"></div> Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The fresh fund would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes, the company said. The preferential issue will enhance the company's net worth from about Rs 11,155 crore to over Rs 12,680 crore, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

<ul class="summary-list"><li>Small-cap stocks are poised for a significant rally, Goldman Sachs' Greg Tuorto said.</li><li>The portfolio manager pointed to lower interest rates and a promising economic backdrop for small-caps.</li></ul>An overlooked part of the stock market is poised for big gains.That's according to Greg Tuorto, a portfolio manager at Goldman Sachs Asset Management who says he sees a big "catch-up" rally coming for small-cap stocks. He told CNBC in an interview on Thursday that that's due to a confluence of bullish factors, including lower interest rates, a promising economic outlook, and the upcoming presidential election, which could boost confidence in the sector.Tuorto noted that election years have historically led to strong gains for small-cap stocks. He sees the presidential election leading to positive developments in the economy, such as by increasing the supply of housing."Election years are usually positive catalysts for small-caps, and this has not been one of them. So there could be that powerful catch-up trade," he said.The interest rate environment looks favorable for small-cap firms, with central bankers <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-interest-rate-cuts-mortgage-investment-credit-savings-2024-9">issuing a jumbo-sized 50 basis point cut</a> this week. Investors should expect two more rate cuts by the end of the year, Tuorto predicted, which should help ease financial conditions and boost investor confidence.Lower rates, combined with expected improvement in corporate earnings, could all lead to a boost in IPO and merger activity, another tailwind for small-caps, he added.The economy also looks poised to avoid a recession — another positive for small-cap firms, Tuorto said. GDP is estimated to run at 3% this quarter, according to the latest <a target="_blank" class="" href="https://www.atlantafed.org/cqer/research/gdpnow">Atlanta Fed GDPNow reading</a>, indicating solid growth for the economy."We've been waiting for this rates certainty. I think we also wanted to have a picture of whether we're going to get a soft landing, which I think kind of puts us more firmly in that camp," Tuorto said. "With the economy chugging along...it's a really nice backdrop for small caps."Still, he cautioned that investors need to be picky, as not every small-cap name will be a winner. "I think if you have that active, selective approach towards the small-caps space, you can not just outperform, but you can see some powerful upside momentum."Other forecasters have turned more bullish on small-cap stocks, despite the sector having a volatile year in 2023. Fundstrat's Tom Lee predicted small-caps could <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/small-caps-russell-2000-rally-outlook-sp500-selloff-fundstrat-tech-2024-7">rally as much as 40%</a>, thanks largely to easier Fed policy. The Russell 2000 surged 2% after the Fed cut interest rates on Wednesday, with the small-cap index up 12% year-to-date.

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