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<ul class="summary-list"><li>Hewlett Packard Enterprise CEO Antonio Neri prioritizes diversity, equity, and inclusion.</li><li>Neri's DEI focus contrasts with companies like <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-layoffs-dei-leader-email-2024-7">Microsoft</a> and <a target="_blank" class="" href="https://www.businessinsider.com/john-deere-ditches-dei-policies-conservative-activists-lgbtq-pride-pronoun-2024-7">John Deere</a> reducing such efforts.</li></ul>Hewlett Packard Enterprise CEO Antonio Neri started his career at the company as a "Customer Service Engineer" in a call center nearly 30 years ago. Today, that experience informs his commitment to diversity, equity, and inclusion."Intentionality is important," Neri said in a recent interview with Business Insider.HPE has a workforce of more than 62,000 — double the size of Nvidia's, but it has nowhere near the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">name recognition</a>, especially since it split off from HP in 2015. HP makes computer printers for homes and offices. HPE provides data center and cloud service services and technology to businesses.Focusing on company culture was number two on Neri's list of top three priorities across the company this year, he told BI, and diversity plays a big part. (Innovation was number one).That sets him apart in the fast-shifting climate for corporate DEI. The list of companies ranking DEI that high may be shrinking. <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-layoffs-dei-leader-email-2024-7">Microsoft</a> laid off one of its diversity, equity, and inclusion teams earlier this year, citing "changing business needs."In August, <a target="_blank" class="" href="https://www.businessinsider.com/companies-cutting-dei-activist-backlash-harley-davidson-deere-tractor-supply-2024-8">Harley Davidson</a> announced an end to its effort to buy from diverse suppliers, and <a target="_blank" class="" href="https://www.businessinsider.com/john-deere-ditches-dei-policies-conservative-activists-lgbtq-pride-pronoun-2024-7">John Deere</a> said in July it would not "participate in or support external social or cultural awareness parades, festivals, or events."A survey by the executive search firm Bridge Partners of 400 C-suite and HR leaders at companies with either at least $25 million in revenue or 250 employees found that the number of employers who said they had increased their DEI investments in the past year dropped to 66% in 2024 from 77% in 2023. Roughly one in four executives expressed a belief that <a target="_blank" class="" href="https://www.businessinsider.com/companies-data-driven-strategies-tools-refine-dei-belonging-efforts-decisions-2024-10">DEI programs were a fad</a>."My first job at HP was in a call center where we had 21 different languages and probably 40 different nationalities and every gender — every presence you can imagine," Neri said. "That was a fun place to work and we were a very high-performance team. So, to me, this is a natural way to do things," he continued.When he took over the CEO job in 2018, all 12 of Neri's direct reports were male. It took seven years, but that group is now 50% female and so is HPE's board. Across the company, women hold nearly 28% of director-level or above positions, according to the company's 2023 ESG report.Neri said he addresses DEI initiatives at the company in internal quarterly leadership discussions and company surveys multiple times a year. He's received no pushback on the company's efforts in this area, he said. On top of diversifying hiring, Neri likes to see employees moving up the ranks relatively fast."We need to look for the diamond in the rough in order to challenge people to continue to grow," he said. The younger generations, he said are often more "restless" for challenge.HPE measures and rewards managers based on the diversity of their hiring, retention, and promotion of employees — especially at higher levels.Letting employees coast in their comfort zones isn't on the agenda. In fact, he credits his rise to CEO in part to people who recognized his talent early on and pushed him into promotions he wasn't necessarily looking for.<h2 id="377dd04a-d95a-4a57-bac1-8797746cfffd">The CEO role has changed</h2>The 57-year-old CEO wants a diverse workforce that stays with the company and moves up the ranks. And those goals are baked into managers' performance metrics."Ultimately it's a part of succession planning. Who's going to be the next CEO down the road? It could be somebody from inside," Neri said.Neri took over the top spot at HPE from Meg Whitman, formerly CEO of eBay and current US ambassador to Kenya, seven years ago, and he said his experience of the job is very different from hers."The role of CEO has changed dramatically from what we knew a decade ago," Neri said. CEOs are asked to take positions now on issues that matter to employees.He wants to hear strong opinions internally too, he said, and he's not afraid to follow them and fail fast when it comes to innovation. "I need people to have an opinion. If you're sitting on the sideline, that means you're you're not contributing your best," he said.

Why one cloud CEO is redoubling DEI initiatives as some companies waver

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

New Delhi [India], July 12 (ANI): <keyword id="20043730" type="General" weightage="20" keywordseo="Jio-Financial-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Financial Services" meta.hostid="261" meta.entityid="Jio Financial Services">Jio Financial Services</keyword> has received the nod from the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) to convert into a <keyword id="20871282" type="General" weightage="20" keywordseo="Core-Investment-Company" source="keywords">Core Investment Company</keyword> (CIC) from a Non-Banking Financial Company (<keyword id="19938496" type="General" weightage="20" keywordseo="NBFC" source="keywords">NBFC</keyword>). The company in an official statement on Thursday stated that "Further to the disclosure dated November 21, 2023, the Company has today received from the Reserve Bank of India approval for conversion of the Company from Non-Banking Financial Company to Core <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">Investment</keyword> Company." According to the Reserve Bank of India, a CIC is a specialised NBFC with an minimum asset size of Rs 100 crore. The RBI's circular dated December 20, 2016 stated that, a CIC's main business is the acquisition of shares and securities with certain conditions. One of the conditions stipulated by the central bank is that the CIC holds not less than 90 percent of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies. The transition from an NBFC to a CIC involves several key changes in the company's operational framework. As a Core Investment Company, <keyword id="2003276" type="General" weightage="20" keywordseo="Jio" source="Orion">Jio</keyword> Financial Services will primarily focus on investments in and the management of its subsidiaries companies. The transformation to a CIC structure would enable Jio Financial Services to delineate the financials and operations of each subsidiary, to provide better value discovery for investors. Unlike typical NBFCs, CICs are non-deposit taking financial companies that have their assets predominantly invested in the equity shares, preference shares, or debt instruments of their group companies. As a CIC, the company gains greater operational flexibility. It can now focus on core investment activities without engaging in other financial services. The CICs can explore different sectors and diversify their investment portfolio. This flexibility allows them to adapt to changing market conditions. The shares of the company also surged more than 1.5 per cent during the opening session on Friday, and stands at Rs 353.25 at the time of filing this report. (ANI)

Jio Financials gets RBI nod to become Core Investment Company

<ul class="summary-list"><li>Chipmaker GlobalFoundries began offering student loan debt relief to eligible employees this summer.</li><li>The benefit is aimed at helping the company attract and retain workers.</li></ul>When Morgan earned her bachelor's degree in 2018, she graduated with over $20,000 in <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-biden-debt-cancellation-education-department-relief-2024-10">student loan debt</a> that she hoped to pay off by 2032.While she's kept up with her payments — which amount to a few hundred dollars each month — they've made it harder for her and her significant other to <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/tips-for-saving-for-a-down-payment">save for a home</a> and their future family, the 28-year-old told Business Insider. And she's not alone: More than <a target="_blank" class="" href="https://www.bankrate.com/loans/student-loans/student-loan-debt-statistics/?tpt=a">40 million Americans</a> collectively held over $1 trillion in federal student debt last year.However, Morgan's <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/how-to-pay-off-student-loan-debt-fast">student loan</a> repayment journey has become a little easier over the past year.In May, her employer <a target="_blank" href="https://markets.businessinsider.com/stocks/gfs-stock">GlobalFoundries</a> launched a new student loan repayment program that provides qualifying US-based employees up to $28,500 in student debt relief. Morgan is a training coordinator at the New York-based manufacturer of <a target="_blank" href="https://www.businessinsider.com/semiconductor-chips-jobs-hiring-arizona-tech-phoenix-tsmc-intel-china-2024-1">semiconductor chips</a>, where she develops and implements technical training for the companies' technicians and engineers.Since the launch, a company spokesperson told BI that 237 employees have enrolled and that it's disbursed more than $100,000 in repayment funds. The relief program is helping repay student loans for degrees ranging from associate's to doctorates at more than 80 US colleges and universities.Morgan now expects to fully pay off her remaining $16,000 student debt balance by 2028 — four years earlier than planned."Paying off my student loans at a much faster rate will allow me to save that additional income to invest in our future, our home, and the growth of our family," said Morgan, who asked to be identified by her first name for privacy reasons. "This program is helping me to achieve financial freedom."<div type="image" title="Morgan" height="968" width="1290" msid="114374429" hostid="261" sizebytes="155266"></div>GlobalFoundries is betting that student debt relief will help it attract prospective employees and retain current workers. The company spokesperson told BI that the initial results have been promising."We are pleased to see enrollment numbers continue to increase, coupled with positive employee feedback," the spokesperson said. "This demonstrates the program is making a meaningful impact on the financial well-being of our employees."The company's debt relief program is part of a broader effort by semiconductor companies to grow their workforces as the US pushes for more domestic production of chips that power everything from <a target="_blank" class="" href="https://www.businessinsider.com/apple-iphone-chip-shortage-supply-constraints-2021-7">iPhones</a> to <a target="_blank" class="" href="https://www.businessinsider.com/chip-shortage-auto-industry-car-buying-dealerships-consumers-inventory-2022-12">cars</a> to <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-semiconductors-tsmc-intel-jobs-arizona-2024-2">AI tools</a> like ChatGPT.In 2022, President Joe Biden signed the<a target="_blank" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7"> CHIPS and Science Act</a> into law, which included $52.7 billion in tax breaks and subsidies intended to bolster the US semiconductor industry. However, some industry leaders have raised concerns that there won't be enough <a target="_blank" href="https://www.businessinsider.com/semiconductor-certification-program-chipmaker-manufacturing-jobs-new-career-intel-tsmc-2023-8">skilled workers</a> to fill the jobs that will eventually be created.According to a<a target="_blank" href="https://www.semiconductors.org/america-faces-significant-shortage-of-tech-workers-in-semiconductor-industry-and-throughout-u-s-economy/"> report</a> published last year by the trade and lobbying group Semiconductor Industry Association and Oxford Economics, the US semiconductor industry faces a worker shortage of 67,000 people by 2030, including technicians, computer scientists, and engineers."It's not just about attracting talent; it's about retaining talent and ensuring our team feels supported and ready to lead in such a crucial industry," Pradheepa Raman, chief people officer at GlobalFoundries, told BI.To be sure, it's unclear if programs like GlobalFoundries will successfully address the company's workforce needs in the coming years. However, other companies in the semiconductor industry, like <a target="_blank" href="https://affiliate.insider.com?h=73de951b92747ea5bef57a78e50672904ae9aa73440c55d26deb3a0e4fdc24dc&amp;postID=67000ba80c43543ec7a9c940&amp;postSlug=student-loan-debt-relief-globalfoundries-semiconductor-chip-workforce-shortage-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nvidia.com%2Fen-us%2Fbenefits%2Fmoney%2F529-college-savings-plans%2F">Nvidia</a>, have implemented student loan reimbursement programs. <h2 id="80d0f88b-f671-41e5-a9f5-6e2de733e674">Hiring challenges have forced the company to get creative</h2>In February, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/globalfoundries-and-biden-harris-administration-announce-chips-and-science-act-funding-for-essential-chip-manufacturing-1033079603">$1.5 billion</a> of the CHIPS Act funding was allocated to GlobalFoundries to expand production at the company's Malta, New York chip factory and build a new factory. Additionally, the Biden administration promised another $1.6 billion in federal loans. This is expected to triple GlobalFoundries' production capacity in New York over 10 years and create roughly <a target="_blank" class="" href="https://www.commerce.gov/news/press-releases/2024/02/biden-harris-administration-announces-preliminary-terms-globalfoundries">1,500</a> manufacturing jobs.However, filling roles like these can be challenging. Raman said GlobalFoundries has faced the same hiring challenges that are impacting the broader US semiconductor industry, which sometimes leads to longer recruitment periods for certain roles.These hiring challenges are among the reasons the company has established partnerships with <a target="_blank" href="https://markets.businessinsider.com/news/stocks/globalfoundries-partners-with-micron-and-u-s-national-science-foundation-to-drive-semiconductor-workforce-development-at-minority-serving-institutions-1033407247">universities</a>, community colleges, and STEM programs, in addition to starting an internal apprenticeship <a target="_blank" href="https://gf.com/careers/gf-maintenance-technician-apprenticeship-malta/">program</a> in 2021 — the <a target="_blank" class="" href="https://www.commerce.gov/news/press-releases/2024/02/biden-harris-administration-announces-preliminary-terms-globalfoundries">first</a> of its kind in the semiconductor industry."The demand for skilled workers in technology is outpacing supply, which is why we've been so proactive in our approach to workforce development," Raman said.The company's student debt relief program is just another way it's trying to attract workers.To be sure, debt relief isn't provided all at once. Through a partnership with the education platform EdAssist by Bright Horizons, GlobalFoundries sends a monthly payment directly to an employee's loan provider for up to 10 years.Both current workers and new hires are eligible to apply for the relief program, which the company expects to be an ongoing benefit offered to employees. To continue receiving the relief, an employee must make their minimum student debt payment, have a loan in good standing, and remain employed by GlobalFoundries."GlobalFoundries' contribution applies uniformly to all employees and increases over time with an initial investment of more than $100 a month during the first four years and up to $28,500 over the lifetime of the program," the company spokesperson said.In addition to debt relief, GlobalFoundries also offers a childcare subsidy and paid parental leave — 20 weeks for the birth parent and 12 weeks for the non-birth parent.These perks are helping employees like Stephanie, a marketing specialist based in Austin.After Stephanie earned an MBA in 2015, she said she had about $50,000 in student loan debt — her current balance is about $39,000. She said she signed up for GlobalFoundries' relief program on "day one" and received her first payment less than a month later, the 33-year-old told BI. She asked to be identified by her first name for privacy reasons.<div type="image" title="Stephanie" height="1737" width="2316" msid="114374433" hostid="261" sizebytes="455640"></div>The relief has been a "game changer," Stephanie said. If she stays at her job, she estimates GlobalFoundries will contribute thousands. She said she was only eligible for five years of relief because, under her repayment plan, her loans are supposed to be paid off within that timeframe.Before Stephanie enrolled in the program, she said she was on track to pay off her student debt by 2028. She now expects to pay it off at least one year ahead of schedule."It's made a real difference in reducing my principal and has given me more flexibility for my future instead of feeling constantly tied down by student loans."Do you work in the semiconductor chip industry and have a story to tell? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

One chip company's newest tactic to attract workers: Help pay off their student loans

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! The fast-moving, big business of weight-loss drugs is already shifting to its next stage. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/upcoming-glp1-weight-loss-drugs-to-watch-2024-11">five upcoming pills and injections</a> to keep an eye on.In today's big story, Microsoft's massive bet on AI with Copilot <a target="_blank" href="https://businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">has yet to live up to the hype</a>, potentially raising alarms for everyone else investing in the space.What's on deck:<ul><li>Markets: You can still bet on politics <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">even though the election is over</a>.</li><li>Tech: Why the Trump-Musk relationship is unlike anything <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">we've ever seen in US politics</a>.</li><li>Business: Spirit Airlines has filed for Chapter 11 bankruptcy protection, but <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">tells customers it'll keep flying</a>.</li></ul>But first, is this thing even worth it?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A Copilot conundrum</h2><div type="image" title="Microsoft logo glitching" height="1000" width="1334" msid="115423174" hostid="261" sizebytes="160900"></div>Microsoft's challenges with its flagship AI product could be another red flag for an industry with high hopes for the tech.Business Insider's Ashley Stewart, our resident Microsoft expert, has a deep dive on Copilot <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">coming up short on the big expectations laid out for it</a> when it launched over a year ago.CEO Satya Nadella didn't hold back initially, describing Copilot as something that would "fundamentally transform our relationship with technology" when it was unveiled.But internally and among clients, that doesn't always feel like the case. One Microsoft executive told Ashley that Copilot offers useful results about 10% of the time."The rest of the time it's: Why do we even try?" they said.It's an unsettling realization considering the stakes of AI. Many companies — and arguably the entire US stock market — are banking on generative AI being revolutionary. And while Microsoft's bet on AI dwarfs almost everyone else's, its hangup with the tech is something a company of any size can relate to: Is this stuff worth it?It's also not the only challenge the generative AI space is navigating.Reports about OpenAI's newest AI model struggling to show big improvements raised questions about the <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">tech hitting a performance wall</a>. CEO Sam Altman appeared to address it with a cryptic tweet: "<a target="_blank" href="https://www.businessinsider.com/sam-altman-ai-wall-slowdown-openai-2024-11">there is no wall</a>."Still, it's feeding concerns about the timeline for artificial general intelligence. AGI is the concept that autonomous computer systems outperform humans at most economically valuable work, but it appears <a target="_blank" href="https://www.businessinsider.com/agi-predictions-looking-stretched-openai-sam-altman-google-ai-2024-11">harder to achieve than previously anticipated</a>, writes BI's Alistair Barr.<div type="image" title="AI robot hand gripping a time bomb, displaying a countdown timer set to expire in 2025" height="1500" width="2000" msid="115423171" hostid="261" sizebytes="122298"></div>The counterargument is straightforward: It's still the early innings.Microsoft is adamant its Copilot investment is already paying off. Jared Spataro, a vice president of marketing for Microsoft 365, pointed Ashley to Copilot success stories like Lumen Technologies, which projects $50 million in annual savings from its sales team's use of Copilot.Some customers aren't necessarily worried either, as they continue to plow money into AI. A Flexera survey found OpenAI ranked fourth among vendors that IT leaders plan to <a target="_blank" href="https://www.businessinsider.com/openai-top-vendor-it-leaders-2024-11">spend the most with next year</a>.But tech players won't have forever to figure things out. Earlier this year, analysts at Barclays highlighted an under-the-radar risk to AI bets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-risk-nvidia-gpus-blackwell-tech-outlook-depreciation-accounting-2024-8">the depreciation costs related to AI chips</a>. As firms look to stock up on GPUs, they run the risk of the tech no longer being relevant as new iterations emerge.And then there's the possibility of internal drama. Ashley previously reported on <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">the pay disparity at Microsoft</a> between AI-focused employees and everyone else."AI is great and it might be the future, but when are you going to focus on your billpayers?" one employee told Ashley.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Meet the top four candidates Trump is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-treasury-kevin-warsh-marc-rowan-howard-lutnick-scott-bessent-2024-11">considering for Secretary of the Treasury</a>.</li><li>Biden authorizes Ukraine to use powerful ATACMS to strike inside Russia. The move is a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-ukraine-russia-atacms-authorization-2024-11">significant shift in US policy</a>.</li><li>Trump, Musk, and new cabinet picks celebrate election victory with <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-musk-celebrate-election-victory-ufc-309-cabinet-picks-2024-11">surprise appearance at UFC</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of judge's gavel on colorfulbackground" height="960" width="1920" msid="115423175" hostid="261" sizebytes="501366"></div><ol><li>A lawsuit about trade secrets has a corner of Wall Street's data industry enthralled. Yipit, a Carlyle-backed provider of credit-card data, filed a lawsuit accusing two former salespeople of <a target="_blank" href="https://www.businessinsider.com/inside-yipits-lawsuit-against-2-former-employees-who-joined-mscience-2024-11">stealing intellectual property to use in their new roles at rival MScience</a>. The suit has the attention of the young, fiercely competitive industry that sells non-traditional data to investors looking for an edge.</li><li>Just because the election is over doesn't mean you need to stop betting on politics. Who will be the Republican nominee in 2028? Will Matt Gaetz be confirmed as attorney general? Will Trump create a national Bitcoin reserve? The prediction markets <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">have plenty of political outcomes</a> to scratch your gambling itch.</li><li>It's giving the year 2000 for one legendary investor. Rob Arnott compared the current market to the dot-com peak in 2000. Arnott told BI <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">why a bear market could be forthcoming in the next couple of years</a> thanks to high valuations and AI optimism that is largely priced in.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="900" width="1200" msid="115423177" hostid="261" sizebytes="159876"></div><ol><li>Elon Musk's incredible hold on US politics. Politics and money have always been intertwined, but the current relationship between the world's richest man and the president-elect is unprecedented. The result is Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">acting almost as a shadow president</a>.</li><li>A potential Trump trade plan beneficiary: US semiconductor jobs. If Trump's proposed trade plan is enacted, the American semiconductor industry could see hiring growth. Industry experts told BI that tariffs on foreign-made chips <a target="_blank" href="https://www.businessinsider.com/trumps-tariffs-chips-could-create-more-american-jobs-increase-prices-2024-11">could help level the playing field for US chipmakers</a>, which have faced tough competition from their global counterparts.</li><li>The OpenAI mafia swells its ranks. Nearly two dozen former employees have left the AI juggernaut and founded startups of their own. The latest defectors include OpenAI cofounder and former chief scientist Ilya Sutskever and former chief technology officer Mira Murati. <a target="_blank" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">See what they're up to now</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A $100 bill on top of a house" height="1500" width="1992" msid="115423179" hostid="261" sizebytes="339688"></div><ol><li>Four ways Trump's housing plans could hurt homebuyers and three ways it could help. Trump promised to make housing more affordable in part by deporting millions of immigrants, slashing construction regulations, and building houses on federal land. <a target="_blank" href="https://www.businessinsider.com/trump-high-home-prices-housing-mortgage-rates-deregulation-tariffs-immigration-2024-11">Here's how experts think that would actually pan out</a>.</li><li>Spirit Airlines has filed for Chapter 11 bankruptcy protection. The budget airline has struggled since a planned merger with JetBlue was called off in March. In an open letter to customers, it said people can continue to book tickets and fly as normal as it <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">undergoes financial restructuring</a>.</li><li>Walmart might be just fine under Trump's proposed trade plan. Target, not so much. As America's grocery king, Walmart US makes nearly 60% of its revenue from groceries, which are predominantly domestic. But Target often relies on imported merchandise, such as apparel and beauty. <a target="_blank" href="https://www.businessinsider.com/target-walmart-trump-tariffs-exposure-analysts-2024-11">Walmart also has another key advantage: scale</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Disney CEO Bob Iger is moving to cement his legacy <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-earnings-guidance-succession-legacy-chapek-media-analysis-2024-11">by undoing his biggest mistake</a>.</li><li>Shoppers and businesses are <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c30b8703d160410398dd34e9584c94a3&amp;_e=i25E5ONB4tMiXtE06VeSaaFdC9RBeKEf6Am3QwaEcB2E4JdSqnDqmYr-387ig-ruhUxPoPCaat-voaDbfD_6S9r_lRX7w-hriYUuLZLf0oBVVklUgTGSC4rQQEsaV2VrmBmyEJBbhb5t_4ii9kzf5mGNs24JHBU4kD2t77qvgLde0_hccfFyZJGyX-HSEOcVt3hm2j3fy4fJUboGG4PKvgV09z0iPgS9Sd9YYBa5vfJF0tPkg6nqTPSf_-4F-a8aB1csTjQJYq2n-O1Ho511puOlxNeZs4WzL5ZST0WJkZqjescVMWVojaLY68-GnLbrAONhAtYwR4sRYyo_gVAswrtOyO2OjgTQ7GPu_kEO5SvlrvfmHChZsIOFVxvPWR7cGcH5q-QsclhVCpi1tyVirT8OKMZUsBjylVY0fJJZOSkOO4NwglFhyDOfQDrbf0_ErXhpUTPhEJeNs9bRlNwOVGxCBs2oCYN7T81FPiuSVJw%3D">stockpiling to avoid potential price hikes</a> before Trump takes office.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>G20 summit begins in Rio de Janeiro.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.Milan Sehmbi, fellow, in London.

Microsoft Copilot's underperformance is the latest red flag for investments in AI

<ul class="summary-list"><li>Tech leaders are betting on nuclear power as a key source of clean energy in the next decade.</li><li>AI tech companies are building small nuclear fission plants to power their data centers.</li></ul>Tech executives are rallying around nuclear energy to fuel the demands of the AI revolution.From Amazon to Google, <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-openai-big-tech-investment-nuclear-ai-race-2024-10">tech giants at the forefront of the AI boom</a> are investing in companies building nuclear reactors and forming partnerships with energy providers to power their data centers.Many of these companies are generating energy through <a target="_blank" href="https://www.businessinsider.com/how-atomic-bombs-nuclear-weapons-work-2023-8">nuclear fission,</a> which involves splitting atoms from elements like uranium and plutonium to release energy. It's cleaner than fossil fuels and more reliable than solar. But fission can release harmful radioactive waste that needs to be disposed of safely and mining uranium can have deleterious effects on the environment.The solution, in the view of a growing number of leaders in the tech industry, is nuclear fusion, which involves fusing the nuclei of two atoms to release energy. It's considered a safer method because it releases less radioactive waste and greenhouse gases.<a target="_blank" href="https://www.businessinsider.com/how-bill-gates-spends-fortune">Microsoft cofounder Bill Gates</a> distilled the differences between fission and fusion on a recent episode of the Possible podcast. Fission, he said, is "where you take the big atoms like uranium, and as they split, you get energy." Fusion occurs when "you take the small atoms, primarily hydrogen, and as you put them together, you release energy."Scientists have <a target="_blank" href="https://www.businessinsider.com/what-is-nuclear-fusion-how-does-it-work-green-energy-breakthrough">proven that nuclear fusion</a> is feasible. Experiments at the National Ignition Facility in California over the last year, for instance, hit a milestone when they generated more energy than what was used. <a target="_blank" class="" href="https://www.businessinsider.com/why-no-fusion-energy-power-plants-yet-how-2023-10">Fusion plants,</a> in theory, could produce almost 4 million times as much energy as burning coal or oil — without carbon emissions. However, there are still obstacles to it becoming a widespread energy source.Tritium, one of the hydrogen isotopes used in fusion reactions, is rare and expensive. It also has radioactive properties. Another challenge is that fusion requires extremely high temperatures, as high as the "center of the sun, millions of degrees," Gates said.AI tools are now helping to make fusion a reality. Commonwealth Fusion Systems, in which Gates is an investor, is on track to have a system for fusion in 10 years, he said."But at some point, fusion energy will be extremely cheap, and it doesn't have the same waste problems that fission does," he said.Gates, who is also an investor in another nuclear fusion company called Pacific Fusion — which launched in 2023 and announced a more than $900 million Series A funding round this month — believes supporting nuclear will help reduce clean energy costs."We, society as a whole, even though a lot more money is coming into it, we're still under-investing in fission and fusion, given that the value of cheap electricity specifically is so fundamental to society," he said.Venture firm General Catalyst led the funding round for Pacific Fusion, which included participation from Gates's climate solutions investment fund, Breakthrough Energy Ventures, and individual investors like Citadel founder Ken Griffin, Stripe cofounder Patrick Collison, venture capitalist John Doerr, and Mustafa Suleyman, the head of Microsoft AI.Other veterans in the industry are betting on an even shorter timeline for fusion technology to become a reality.At TechCrunch Disrupt this week, <a target="_blank" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">venture capitalist Vinod Khosla</a> said, "I'll take a bet with anybody, five years from now, we won't be talking about whether fusion is real or not."He said he hopes that by then fusion will be proven as an economic possibility. "They're engineering all the systems to go directly into production without having to first prove the technology and then do the engineering," he said.

Investment is pouring in as the hype around nuclear fusion grows

<ul class="summary-list"><li><keyword id="20173795" type="General" weightage="100" keywordseo="Southwest-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Southwest Airlines" meta.hostid="261" meta.entityid="Southwest Airlines">Southwest Airlines</keyword> is cutting unprofitable routes and reducing its presence in Atlanta.</li><li>The airline faces pressure from an activist investor to boost revenue and cut costs.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/the-end-of-budget-airlines-southwest-jetblue-frontier-spirit-2024-7">Southwest Airlines is slashing unprofitable routes</a> as it faces intensifying pressure from an activist investor to boost revenue and cut costs. The budget airline plans to cut some 340 pilots and flight attendants from its busy Atlanta base, <a target="_blank" class="" href="https://www.cnbc.com/2024/09/25/southwest-airlines-cut-service-staffing-atlanta.html">CNBC first reported Wednesday</a>. A company spokesperson confirmed the news, citing lower bookings that have forced it to reduce service. Changes won't take effect for six months. The spokesperson also noted a delay in new plane deliveries <a target="_blank" class="" href="https://www.businessinsider.com/its-not-just-boeing-airlines-are-hemorrhaging-cash-too-2024-4">amid Boeing's 737 MAX issues.</a> "We continue to optimize our network to meet Customer demand, best utilize our fleet, and maximize revenue opportunities," the spokesperson said. "Decisions like these are difficult for our Company because of the effects on our People, but we have a history of more than 53 years of ensuring they are taken care of." <a href="https://www.bloomberg.com/news/articles/2024-09-25/southwest-airlines-slashes-atlanta-flights-to-stem-losses?srnd=all&amp;embedded-checkout=true" target="_blank">Bloomberg reported</a> that the airline said the changes would reduce its Atlanta operations by about a third, to 381 weekly flights from 567, with 16 cities cut altogether. Southwest was the second-largest operator in <a target="_blank" class="" href="https://www.businessinsider.com/delta-tells-prospective-flight-attendants-wear-proper-underwear-interviews-2024-9">Atlanta behind Delta Air Lines</a>, leaving customers will fewer choices out of the world's busiest airport. <h2>Atlanta is just one of many Southwest network shake-ups this year</h2>The airline announced plans in April to cut flights from Chicago O'Hare by one-third — an airport Southwest only started flying to in 2021 after favoring Chicago's smaller Midway airport for years. The airline also <a target="_blank" class="" href="https://www.businessinsider.com/southwest-leaving-these-4-airports-amid-boeing-737-max-crisis-2024-4">left four airports</a> in August as part of a <keyword id="19942949" type="General" weightage="20" keywordseo="cost-cutting" source="keywords">cost-cutting</keyword> and restructuring plan, including Bellingham International Airport in Washington state, Mexico's Cozumel International Airport, Houston's George Bush Intercontinental Airport, and Syracuse Hancock International Airport in New York. Despite its shrinking network, Southwest is boosting flights where it has an edge. It said it would start flying six routes to and from Nashville and operating red-eye flights from Hawaii to the US mainland in April. The network shakeups are part of a slew of strategy changes as the industry faces headwinds and <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">a hedge fund with a sizable new stake pushes for changes</a>. Southwest announced in July it would end its <a target="_blank" class="" href="https://www.businessinsider.com/southwest-is-getting-rid-of-open-seating-on-all-flights-2024-7">long-standing open-seating policy</a> and start selling premium seats. Its also committed to updating its outdated technology, which led to a <a target="_blank" class="" href="https://www.businessinsider.com/southwest-says-scheduling-system-played-a-role-in-flight-meldown-2022-12">crippling meltdown</a> in December 2022. <a target="_blank" class="" href="https://www.businessinsider.com/southwest-changes-activist-investstor-free-bags-open-seating-fees-2024-6">Further changes</a> are likely to be announced at an investor day on Thursday, which will lay out Southwest's future as we know it. It's likely the<a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-history-2021-8"> low-cost carrier, famous for its open-seating and two free checked bags</a>, will mold more into a mainline carrier — something Elliott believes will boost profits and improve the customer experience. Correction: September 25, 2024 — An earlier version of this story misstated the frequency of Southwest's flights into and out of Atlanta. It reportedly plans to operate 381 flights weekly, not daily, down from 567 weekly flights. The story also misstated when Southwest is set to start red-eye flights from Hawaii. It plans to start flying those routes in April, not in February.

Southwest is making big route changes as it prepares to reveal new details of its turnaround plan

<ul class="summary-list"><li>United will replace its aging Boeing 757s with the Airbus A321XLR starting in December 2025.</li><li>The narrowbody can fly up to 5,400 miles nonstop, making it ideal for lower-demand long-haul routes.</li></ul>Dozens of global carriers have secured more than 550 orders for <a target="_blank" class="" href="https://www.businessinsider.com/airbus-a321-xlr-plane-launch-game-changer-new-routes-iberia-2024-7">Airbus' newest narrowbody plane, the Airbus A321XLR</a>, since its 2019 launch.The jet is poised to be a long-haul workhorse, connecting lower-demand markets that would be otherwise inefficient with a widebody. Thanks to its extra fuel tank, the <a target="_blank" class="" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">A321XLR can fly up to 5,400 miles</a> (11 hours) nonstop. That compares to the 4,600-mile range of its <a target="_blank" class="" href="https://www.businessinsider.com/inside-jetblues-newest-plane-taking-flyers-to-london-photos-details-2021-7">Airbus A321LR predecessor.</a><a target="_blank" class="" href="https://www.businessinsider.com/united-orders-airbus-a321xlr-replace-757-boeing-nma-2019-12">United has purchased 50 of the A321XLR jets</a> to replace its aging Boeing 757 planes. According to <a target="_blank" class="" href="https://ir.united.com/sec-filings/sec-filing/8-k/0000100517-24-000117">the airline</a>, it has 61 Boeing 757 planes, with an average age of about 24 years.United's SVP of global network planning and alliances, Patrick Quayle, told Business Insider on Wednesday its A321XLR will take over virtually all of the 757's existing routes and open new ones. Its first A321XLR is expected to be delivered in December 2025."We use the 757 to fly to smaller markets like Tenerife, Spain, and Reykjavik," he said, adding a Boeing 767 or a Boeing 787 wouldn't make sense on these thinner-demand routes. "The 757 is getting a bit uneconomic, but we want to continue flying to these cities, and the A321XLR is longer-ranged and has much better fuel burn and maintenance costs."A company spokesperson told BI the A321XLR's network will be <a target="_blank" class="" href="https://www.businessinsider.com/upgrading-united-polaris-review-business-class-2024-8">largely international flying</a>. She said the only domestic route for which United consistently flies the 757 is Denver to Lihue, Hawaii, and, although subject to change, the company does not expect to swap that with the XLR. She added that the Newark, New Jersey, to Lima service is still being decided.<div type="image" title="Airbus A321 253 XLR performs a demonstration flight during the fifth day of Farnborough International Airshow at Farnborough International Exhibition &amp; Conference Centre in Farnborough, United Kingdom on July 26, 2024." height="5161" width="7741" msid="112782180" hostid="261" sizebytes="2122354"></div>This means customers can expect the A321XLR to fly existing 757 <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-united-polaris-great-game-changer-2023-8">routes to</a> places like Faro and Porto in Portugal Malaga, Spain, Edinburgh, Scotland, and Shannon, Ireland.Quayle said United also plans to fly to places previously unreachable with a narrowbody jet, like France, Northern Italy, Scandinavia, West Africa, and North Africa."You can't really get further than Spain with a 757," Quayle said. "The A321XLR can fly much further and will open new stations that either don't have service from an airline today, or they don't have United Airlines service."<h2 id="ed9a887e-ab94-4234-8324-4fe0eae2f832">The A321XLR opens a new era of long-haul travel</h2>The A321XLR has secured certification from European safety authorities but is still awaiting certification from the Federal Aviation Administration, though <a target="_blank" class="" href="https://www.airbus.com/en/newsroom/stories/2024-07-a321xlr-approaching-the-finish-line-for-certification-and-service-entry">Airbus</a> said in July that it's "approaching the finish line."Spanish flag carrier <a target="_blank" class="" href="https://www.iberiaplusmagazine.iberia.com/en/articles/2024/7/a321xlr/">Iberia</a> is the launch customer and is expected to receive the first A321XLR in November. This launch flight is scheduled to fly from Madrid to Boston.The new jet burns 30% less fuel than previous-generation narrowbodies and can hold up to 220 passengers in two classes, making it a perfect jet for airlines beyond United looking to <a target="_blank" class="" href="https://www.businessinsider.com/the-evolution-of-transatlantic-flying-in-photos-2021-10">serve more niche long-haul markets.</a>In <a target="_blank" rel=" nofollow" href="https://aviationweek.com/air-transport/airports-networks/american-eyes-multi-uses-airbus-xlr-leverages-ba-partnership">March</a>, American Airlines' managing director of global network planning, Jason Reisinger, said the XLR was favorable because it can serve "routes that cannot support a 787 but where we still have a nice onboard product."He suggested routes such as <a target="_blank" rel="" href="https://www.businessinsider.com/see-airbus-new-game-changing-a321xlr-aircraft-launching-2024-2023-7#in-march-americans-managing-director-of-global-network-planning-jason-reisinger-suggested-flights-between-raleigh-and-london-14">Raleigh, North Carolina, direct to London</a> — negating a layover in the carrier's Charlotte or New York hubs along the way. American has 50 XLRs on order.<div type="image" title="American's new Flagship Suite on its A321XLR." height="1563" width="2084" msid="112782182" hostid="261" sizebytes="215640"></div>Orders from <a target="_blank" class="" href="https://www.businessinsider.com/flying-ultra-low-cost-airlines-spirit-frontier-not-worth-it-2024-6">budget carriers IndiGo and Frontier Airlines</a> are examples of the versatile plane's ability to fit into both low-cost and mainline operations.<a target="_blank" class="" href="https://simpleflying.com/indigo-airbus-a321xlr-destinations/">IndiGo's</a> former CCO Willy Boulte said in 2021 that the XLR could fill the gaps in flying between Indian cities and destinations in Europe and Asia, pointing to options such as Beijing, Seoul, and Amsterdam.<a target="_blank" class="" href="https://aviationweek.com/air-transport/airports-networks/frontier-airlines-ceo-transatlantic-a321xlr-routes-definitely">Frontier</a> CEO Barry Biffle has suggested the XLR could allow the ultra-low-cost giant to ditch its largely domestic presence to serve more cities in South America and launch new routes to Hawaii and Europe.

United executive said the new Airbus A321XLR will replace Boeing 757 routes and open new ones

<ul class="summary-list"><li>Value-investing legend Bill Nygren says the S&amp;P 500 lacks the diversification it once had.</li><li>He likes to invest in inexpensive companies with enough capital on hand to consistently buy back shares.</li></ul>The <a target="_blank" class="" 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">S&amp;P 500</a> isn't as risk-free as investors might think, says Oakmark Funds' Bill Nygren, who lamented the S&amp;P 500's growing lack of diversification.Rather than buy the mega-cap tech stocks that dominate major indexes, the value-investing legend <a target="_blank" class="" href="https://www.cnbc.com/2024/09/23/value-investor-bill-nygren-looking-outside-of-crowded-megacap-tech-adds-cheap-financial-stock.html">told CNBC</a> he's instead focused on inexpensive companies with ample cash on hand to consistently buy back shares."It's become so important to us that we invest with companies that are taking matters into their own hands and using excess capital to repurchase their own stock," Nygren <a target="_blank" href="https://www.youtube.com/watch?v=M5lBc92KIho">told the outlet</a> on Monday.One stock he pinpointed that fits the bill is <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/crbg-stock">Corebridge Financial</a>.While the stock is currently trading around $28 a share, Nygren sees it almost doubling is book value to $50 by the end of 2025, or about four or five times earnings. He also predicts that Corebridge could buy back as much as 20% of its outstanding stock each year, a practice that generally engineers gains by increasing the per-unit value of each remaining share."It's a name not many people know about," Nygren said of the firm. "They don't have to depend on other investors to recognize the value. They just keep reducing the flow."He continued: "I think it just creates a tremendous opportunity for companies that are good businesses, generating a lot of cash flow, and it gives them the opportunity to increase per share value by reinvesting in themselves."

One stock being targeted by a value-investing legend in a market he says has gotten too top-heavy

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

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