As the world gears up for Elon Musk‘s SpaceX IPO at a staggering $1.75 trillion valuation, a relatively lesser-known Indian company is emerging as an unlikely beneficiary thousands of miles away. INOX India, a global leader in cryogenic technology, has found itself in the spotlight as investors hunt for domestic companies with exposure to the rapidly expanding global space ecosystem.

The excitement around SpaceX’s public listing has already spilt over into INOX India’s stock. Shares of the company have surged 25% over the past month and have gained in seven of the last eight trading sessions.

The frenzy surrounding SpaceX’s IPO, which reports suggest was oversubscribed nearly four times, has prompted investors to look beyond the headline-grabbing U.S. listing and identify potential beneficiaries closer home. For many, INOX India appears to fit that bill. But what exactly is the connection?

Inox’s aerospace push

During its Q4 earnings call, the company disclosed that it had secured a significant aerospace order from a leading U.S.-based private space company. The total order value is approximately Rs 200 crore. Management said it expects additional high-value orders in the first quarter of FY27.

“This order is a direct outcome of our proven execution capabilities and reinforces the growing confidence that global aerospace players have in INOX India’s engineering expertise,” the company said.

“Aerospace cryogenic systems are not short-term trends, but a long-term structural opportunity. We believe that INOX India is well-positioned to capitalise on these opportunities through its engineering expertise, diversified capabilities, and expanding global presence and footprint,” the company added.

Can Inox India shares rally more?

According to Sunny Agrawal, Head of Research at SBI Securities, investor interest in INOX India has picked up significantly ahead of the SpaceX listing. Beyond aerospace, the company is also expanding into segments such as data centres, nitrogen supply and distillery kegs, providing additional growth levers.

“Management has guided for 15-20% growth per year, and after the recent rally, the stock is trading at a relatively rich valuation of about 56 times one-year forward earnings,” Agrawal said. He believes investors may be better off waiting for a correction before making fresh purchases. “Investors may consider waiting for a correction before fresh entry, as some profit-taking and a cooling-off in the stock could follow once SpaceX gets listed,” he added.

SpaceX IPO

The much-anticipated SpaceX IPO is scheduled to be priced on June 11, with trading set to commence on the Nasdaq on June 12. The company is looking to raise $75 billion through the offering, which would value the business at approximately $1.75 trillion.
Despite the enormous investor enthusiasm, SpaceX remains loss-making. For 2025, the company reported revenue of $18.67 billion and a net loss of $4.94 billion. Much of the bullishness around the stock is tied to its future opportunities across satellite broadband, launch services, defence contracts and AI-related businesses rather than its current earnings profile.Not everyone is convinced by the valuation, however. Morningstar said in a note published on Monday that the company appears “significantly overvalued” and suggested that investors may find more attractive entry opportunities after the stock begins trading.

Inox India Q4 snapshot

INOX India reported a strong performance for the fourth quarter of FY26, with revenue rising 24.2% year-on-year to Rs 475 crore. Adjusted EBITDA grew 13.4% to Rs 108 crore, while adjusted profit after tax (PAT) increased 9% to Rs 72 crore compared with the corresponding quarter last year.

Exports continued to be a key growth driver, with export revenue standing at Rs 291 crore and contributing 61% of total quarterly revenue. During the quarter, the company secured order inflows worth Rs 504 crore, taking its total order backlog to Rs 1,514 crore.

For FY26, INOX India delivered its highest-ever annual revenue of Rs 1,632 crore, up 21.2% year-on-year. Adjusted EBITDA rose 20.2% to Rs 388 crore, while adjusted PAT increased 19.3% to Rs 261 crore. Annual export revenue came in at Rs 971 crore, accounting for 59% of total revenue, reflecting sustained strength in international demand throughout the year.

INOX India shares have risen 64% since the start of the year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

General Motors on Tuesday announced it’s releasing a software update that allows some electric vehicle (EV) owners to send power back to the electric grid.

The update allows owners of GM’s vehicle-to-home energy system, which allows the EV to power the home during a blackout, the expanded capability of sending electricity to the power grid.

Owners of the system would be able to sell power from their vehicle back to utility providers at times when demand is high, with GM getting a portion of the proceeds. EVs are viewed as an untapped resource for balancing the electric grid to meet surging demand from AI data centers as well as extreme weather events. 

GM said that it alone has over 250,000 bidirectional capable vehicles on U.S. roads at this time, while it will include the vehicle-to-grid technology in all planned EVs going forward. 

AUTO INDUSTRY TRADE GROUP URGES FEDS TO SCRAP GAS TAX AND REPLACE IT WITH A VEHICLE WEIGHT FEE

It said that the quarter-million GM EVs that are capable of vehicle-to-grid energy transfers currently have the storage capacity to help power 120,000 homes for up to one week. 

GM said that it’s actively testing vehicle-grid integration technology through a partnership with Pacific Gas and Electric Company (PG&E), and it expects that by 2030 there will be over 52,000 GM EVs actively participating in grid-balancing protocols.

It’s also conducting tests in Michigan with DTE Energy, using the homes of GM employees, to grow reliable backup capacity in a way that suits the preferences of home and EV owners, which GM Energy Vice President Wade Sheffer said is a “win for customers, automakers, and utilities.”

INSIDE GM’S $242M PUSH TO REBUILD AMERICA’S SKILLED TRADES WORKFORCE

Ticker	Security	Last	Change	Change %
GM	GENERAL MOTORS CO.	79.40	-4.36	-5.21%

“Maintaining a safe, reliable, and affordable grid is paramount. This transition won’t be easy, and we deeply respect the challenge of balancing day-to-day grid reliability with rapid innovation,” Sheffer said in a letter, adding that the company sees three areas in which utilities, regulators and automakers can simplify the path forward.

Those include boosting the enrollment of customers in utility programs by GM and industry partners, educating them on EV grid support and the value in utility programs and rates, with best practices developed amid its ongoing regional pilot projects.

GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND

GM noted that consumers will be more motivated to participate when given clear and appropriate incentives, such as expanding localized, time-of-use tariffs, allowing EV owners to charge cost-effectively during energy surplus and receive appropriate compensation for supporting the grid during peak strain or times of need.

GM also said that streamlining paperwork, engineering reviews and utility interconnection processes to boost consumer confidence in being able to easily purchase and install a bidirectional charger.

“It’s time for us to look at parking lots and driveways across our communities as a massive, distributed power asset waiting to be integrated. By working together, we can help secure an affordable, reliable, and resilient energy future for everyone,” Sheffer’s letter said.

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Reuters contributed to this report.

Yorkshire and Lincolnshire wholesaler Dee Bee Wholesale has been acquired by Bestway Wholesale in a deal that strengthens the London firm’s regional footprint

A family-run business that has been operating for more than 65 years across Yorkshire and Lincolnshire has been acquired by a national competitor. Independent wholesaler DB Ramsden and Co – trading as Dee Bee Wholesale – has expanded to serve over 1,400 retail and on-trade customers from its depots in Grimsby and Hull.

The firm, which employs 87 members of staff across its two sites, was established in 1961 as part of the Ramsden Group and has long been a cornerstone of the wholesale distribution sector. In its early years, the business concentrated on non-food products but has since evolved into a prominent supplier of groceries and drinks, helping clients adapt to shifting market demands and consumer needs.

Dee Bee Wholesale, which posted a turnover of £59.4m in its most recently filed accounts, has now been purchased for an undisclosed sum by Bestway, the owner of well-known brands including Costcutter, best-one, BB foodservice and Bestway Wholesale. The London-based business was founded in 1976 and has grown to become the UK’s largest independent food and drink wholesaler, operating 57 depots nationwide.

It sits within the broader industrial powerhouse that is Bestway Group, which also holds global commercial interests spanning banking, cement, pharmacy, milling and property investment. Managing director Nick Ramsden told customers: “This marks an important milestone in the history of Dee Bee Wholesale and an exciting new chapter for the business. For more than 65 years, Dee Bee Wholesale has been committed to supporting customers across Yorkshire and Lincolnshire, building strong relationships and helping independent retailers, convenience stores and on-trade operators succeed.

“I am incredibly proud of the business we have built together and the trust our customers have placed in us over many years. Importantly, it is very much business as usual. Our depot operations, customer contacts and service teams remain in place and customers should continue trading with us in exactly the same way as they do today.”, reports Hull Live.

“We believe becoming part of Bestway Wholesale creates significant opportunities for the future. Bestway is one of the UK’s leading wholesalers with a strong track record of supporting independent retailers and customers. Over time, customers will benefit from Bestway’s scale, competitive pricing, market-leading promotions and extensive product range.

“I am pleased to confirm that I will remain with the business supporting continuity for customers, colleague and suppliers and helping to ensure a smooth integration.”

Bestway Wholesale confirmed that the takeover of Dee Bee Wholesale forms a key part of its ongoing strategic expansion plans and further bolsters its regional presence.

Dawood Pervez, managing director of Bestway Wholesale, said: “We are delighted to welcome Dee Bee Wholesale – a long-established family business with more than 65 years of customer service heritage, loyal customer base and detailed regional knowledge across Yorkshire and Lincolnshire – into the Bestway Wholesale network.”

The nascent rebound in tech stocks ended in a lurching drop on Tuesday, with the Nasdaq composite losing about 1% in its largest blown gain since early January. 

The slide extended a bout of volatility that has raised worries that stocks’ record run is rooted in the staggering gains of a handful of chip companies. Some fear that a narrow rally won’t survive pressure expected from higher interest rates, worries about the AI trade and the pending avalanche of new tech shares that kicks off Friday with the massive SpaceX public offering.

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NEW YORK — Investors evaluating Western Digital Corp., the parent company of the SanDisk brand, face a mixed picture in 2026 as the storage giant benefits from surging demand for data center SSDs and AI infrastructure while navigating cyclical NAND flash pricing and intense competition from rivals like Samsung and SK Hynix.

Western Digital shares have shown volatility in 2026, trading around recent levels after strong gains tied to AI-related spending. The company’s SanDisk consumer products, enterprise SSDs and hard disk drives continue to generate significant revenue, but analysts differ on whether current valuations justify buying or if caution is warranted amid supply chain dynamics and margin pressures.

Business Overview and Market Position

Western Digital operates through two main segments: flash-based storage (including SanDisk consumer and enterprise solutions) and hard disk drives. The flash business has been a key growth driver, with high-performance SSDs increasingly used in data centers supporting artificial intelligence workloads. SanDisk remains a leading brand in consumer memory cards, USB drives and portable SSDs, maintaining strong retail presence.

The company has invested heavily in NAND flash technology and 3D manufacturing capabilities. Recent product launches, including higher-capacity enterprise SSDs, position Western Digital to capture share in the expanding AI infrastructure market. However, the business remains cyclical, with pricing and margins heavily influenced by global supply and demand for memory chips.

2026 Performance Drivers

Demand for data storage continues to grow rapidly, fueled by AI training and inference requirements, cloud computing expansion and digital content creation. Western Digital has reported improving revenue trends in its flash segment, with particular strength in enterprise solutions. Analysts project continued growth in 2026 as hyperscalers and enterprises build out AI capabilities.

Hard disk drive revenue provides a more stable base, though long-term shifts toward solid-state storage present both opportunities and challenges. The company’s dual HDD and flash strategy offers diversification, helping buffer against swings in either market.

Capital expenditures remain elevated as Western Digital expands production capacity and advances technology nodes. Management has emphasized disciplined spending and operational efficiency to improve profitability amid competitive pressures.

Valuation and Analyst Consensus

Western Digital trades at valuations that many analysts consider reasonable relative to growth prospects in AI storage. Forward earnings multiples are lower than some pure-play memory peers, reflecting the company’s broader portfolio and cyclical exposure.

Wall Street consensus leans toward Hold to Buy ratings. Several firms have raised price targets citing AI tailwinds and improving NAND market conditions. However, some analysts maintain caution, noting risks from supply gluts, pricing competition and execution on new product ramps.

The stock has been volatile, with sharp moves tied to earnings reports, guidance and broader semiconductor sector sentiment. Year-to-date performance has been positive but trails some high-flying AI names, reflecting Western Digital’s more diversified and cyclical nature.

Risks and Challenges

Competition in the NAND flash market remains fierce. Samsung and SK Hynix continue aggressive capacity expansions, potentially pressuring pricing and margins. Geopolitical risks, including U.S.-China trade tensions and supply chain disruptions, add uncertainty to the semiconductor industry.

Western Digital faces execution risks on its technology roadmap and integration of recent acquisitions. Debt levels, while manageable, require ongoing attention given capital-intensive operations. Macroeconomic factors such as interest rates and corporate IT spending could influence demand for storage solutions.

Investment Considerations for 2026

For growth-oriented investors, Western Digital offers exposure to secular trends in data storage and AI infrastructure through its SanDisk and enterprise SSD businesses. The company’s scale, technology portfolio and customer relationships provide competitive advantages.

Value investors may find appeal in current valuations and the potential for margin expansion if NAND pricing stabilizes. Dividend yield and share repurchase activity add income and capital return elements for long-term holders.

A balanced approach suggests monitoring quarterly results closely for signs of sustained demand and improving profitability. Diversification across the semiconductor sector can help manage company-specific and cyclical risks.

Broader Semiconductor and AI Context

The AI boom continues driving demand for high-performance storage. Data centers require massive SSD capacity for training and inference workloads, benefiting companies like Western Digital. However, the pace of adoption and capital spending cycles will influence near-term results.

The memory market remains prone to boom-and-bust patterns. Successful navigation of these cycles, combined with technological leadership, will determine long-term winners. Western Digital’s dual HDD-flash strategy provides a hedge, though flash represents the higher-growth opportunity.

Strategic Initiatives and Outlook

Management continues focusing on innovation, cost optimization and customer diversification. Partnerships with hyperscalers and enterprise clients are critical for securing design wins in AI infrastructure. Progress on next-generation NAND technology and improved manufacturing efficiency are key metrics to watch.

Longer-term, Western Digital aims to capitalize on the explosion of data generation across industries. If AI adoption accelerates as projected, storage demand could provide multi-year tailwinds. However, overcapacity risks and competitive pressures could temper gains.

Final Thoughts for Investors

Western Digital represents a compelling but not without-risk play on data storage growth in 2026. The SanDisk brand and enterprise SSD business provide strong fundamentals, while AI tailwinds offer upside potential. Current valuations appear reasonable to many analysts, though execution and market cycles will ultimately determine returns.

Investors should weigh their risk tolerance, time horizon and views on the AI investment cycle. A selective approach, focusing on fundamental progress rather than short-term price movements, is advisable. As always, thorough due diligence and consideration of overall portfolio allocation remain essential.

The company’s trajectory in 2026 will provide important insights into the storage sector’s role in the broader AI ecosystem. With solid fundamentals and exposure to high-growth trends, Western Digital merits attention from investors seeking technology exposure with a value tilt.

Market participants will continue monitoring earnings, guidance and industry developments closely. For now, Western Digital’s position in the evolving storage landscape supports cautious optimism among analysts, balanced against inherent cyclical risks in the semiconductor industry.

Good morning! Here’s the latest in trending:

AI spending: Oracle (ORCL) plunges after Q4 earnings as its massive capex plan fuels debt concerns.

Iran updates: U.S. launches strikes on Iran; Trump claims 100M barrels of oil escorted out of Hormuz.

Hot inflation: CPI rises at fastest pace since 2023. This economist says rate cuts and hikes are off the table.

OpenAI (OPENAI) has revealed it banned China-linked accounts that used ChatGPT to generate social media content to stir up opposition to AI data centers in the U.S. and President Donald Trump’s tariffs. The company published its findings to help the AI industry, governments and the public “better identify and disrupt attempts by foreign threat actors to manipulate legitimate public debates.”

Foreign interference: OpenAI found a cluster of ChatGPT accounts from China that generated social media content “claiming that data center buildouts for AI were increasing electricity prices for average families.” The accounts were likely part of a social media operations team at a private Chinese tech firm conducting work for provincial-level government clients. OpenAI found another cluster of accounts that generated content criticizing U.S. tariffs as “attempts to dominate technological competition.” Their prompts specified that the content should only include Trump and not Xi Jinping. OpenAI could not establish the accounts’ institutional affiliation. “This cluster was connected to a network of likely inauthentic social media accounts that were also likely targeting OpenAI by claiming ChatGPT user data had been compromised,” it stated. “These allegations were entirely false.”

Bigger picture: To note, OpenAI bars its services in China and the accounts it mentioned used VPNs to access its platform. “Most of the social media posts we identified generated little or no observable engagement,” the company said, but warned that the campaigns’ “significance lies in what they reveal about the intentions of influence operators from China” and the narratives they seek to amplify. “Both clusters attempted to connect U.S. technology policies and industries to everyday economic anxieties and geopolitical instability,” OpenAI noted. “It is ironic that the two operations used American AI, rather than Chinese models, to generate their content about American AI.” China’s embassy in the U.S. told Reuters it was not familiar with OpenAI’s findings but said, “We firmly ​oppose any groundless attacks or smears against China.”

Latest on IPO: In other news, OpenAI CEO Sam Altman told staff that he expects the startup to go public within the next year. “Many things could cause it to be sooner or later ‌in that range, but filing now gives ​us optionality if we want to go sooner,” he said. The company this week revealed that it confidentially filed for an IPO, but said the listing may take time “because there are things we want to do that are likely easier as a private company.” Altman indicated that delaying the IPO could be advantageous if AI can achieve recursive self-improvement, referring to the ability of an AI system to create new models on its own. He also said OpenAI is preparing to launch a tender offer “very soon” at the current share price of $687.69. OpenAI: Mega IPO Faces Anthropic Claude Mythos Reckoning

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What else is happening…

Trump thinks AI companies will be giving back to the public.

Palantir (PLTR) CEO: AI firms are upsetting enterprise clients.

Tesla (TSLA) struggles with long robotaxi wait times in Austin.

Ford’s (F) aluminum supplier to restart plants shuttered by fires.

Alcoa (AA) plunges after warning of $60M hit to alumina segment.

Microsoft’s (MSFT) Xbox to reboot with major layoffs, budget cuts.

Walmart (WMT), Wing (GOOGL) expand drone delivery program.

Debanking probe: DOJ subpoenas JPMorgan (JPM), other banks.

Trump to press defense execs to boost output as stockpiles shrink.

Canada is latest country to propose under-16 social media ban.

Today’s Markets

In Asia, Japan +0.1%. Hong Kong -0.7%. China -0.2%. India -0.2%.
In Europe, at midday, London +0.9%. Paris +0.8%. Frankfurt +0.2%.
Futures at 6:30, Dow +0.7%. S&P +0.7%. Nasdaq +1.2%. Crude -1.2% to $88.94. Gold -0.5% to $4,112.80. Bitcoin +2.6% to $62,867.
Ten-year Treasury Yield -3 bps to 4.53%.

On The Calendar

Companies reporting today include Adobe (ADBE) and Lennar (LEN).

See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.

Cheptsow-based Breaking Change has secured more than £1m in equity and grant support

A Chepstow-based technology firm focused on the global games industry has secured more than £1m in funding to support its drive to commercialisation.

Breaking Change is developing software infrastructure that helps game studios model, simulate and maintain the complex systems that underpin modern games, such as vehicles, weapons, progression and economies, more quickly, safely and efficiently. The platform combines simulation technology with AI-assisted authoring, helping studios build deeper gameplay systems without relying on months of bespoke engineering.

The funding package includes £735,000 in equity investment, led by the Development Bank of Wales and Haatch, alongside an Innovate UK Growth Catalyst grant. The development bank’s technology venture investments (TVI) team has invested £350,000 from the Wales Flexible Investment Fund (WFIF), with Haatch contributing £285,000. The remaining equity investment includes participation from Saola Ventures and prominent games industry business angel Dr Tomas Rawlings.

The funding will enable the company to expand its team, progress its simulation and AI R&D, and begin piloting its technology with studios later this year as it prepares for wider commercial rollout.

Dr Jonathan Quinn, co-founder and chief executive of Breaking Change, said:“The games industry is at a real inflection point. Player expectations are rising, but the tools available to studios haven’t kept pace with the complexity of modern games.

“Our platform is designed to remove some of the biggest technical barriers, helping studios build richer, more dynamic experiences while reducing the risk and cost of development. This funding package allows us to advance the platform, move into real-world pilots, and work directly with studios to prove that value.

I also gratefully acknowledge earlier grant and programme support from Media Cymru, Innovate UK and the UK Games Fund, alongside founder backing from the Royal Academy of Engineering. This support has also been instrumental in the company’s growth to date and in building the foundations for its next phase.”

Dr Quinn previously held senior roles at Aardman, Dovetail Games and Reach Robotics, where he helped deliver internationally recognised products and supported multi-million-pound fundraising. He is joined by co-founder and chief technology officer Ben Laws, alongside senior engineers James Munro and Ivo Hinov, who bring expertise in real-time systems, simulation and game development.

Tom Linney, investment executive at the Development Bank of Wales, said:“Breaking Change is an exciting example of a Welsh-based technology company with global potential. The team brings a strong track record and deep technical expertise in a sector that is evolving rapidly.

“We’re delighted to support the business as they look to redefine how complex game systems are built and maintained. The team has a compelling vision and the technical capability to execute it, and we look forward to seeing their technology adopted by studios in the months ahead.”

When Hall & Woodhouse was established King George III was on the throne

A Dorset brewery founded just one year after the USA declared independence from Great Britain has hailed its “remarkable” longevity.

Hall & Woodhouse (H&W) was established in 1777 by West Country farmer Charles Hall, who opened a brewery in the village of Ansty.

In 1793, as Britain and France went to war, Mr Hall won the license to supply beer to the Duke of Wellington’s troops who were quartered in Weymouth.

His son, Robert, inherited the brewery, and later brought Edward Woodhouse into the business as a commercial partner.

Nearly 250 years on and H&W, which now operates some 150 pubs across the south of England, remains family owned. Anthony Woodhouse and Tatiana Woodhouse are directors in the business and are the current seventh and eighth generation stewards.

Its famous ‘Badger’ beer is also stocked across major UK supermarkets including Waitrose and Sainsbury’s, as well as on Amazon.

Mr Woodhouse, chairman of H&W, said: “Reaching 249 years is a remarkable milestone for our business and one that reflects the dedication of the generations of team members who have helped shape Hall & Woodhouse over the years.”

The company celebrated its 249th anniversary on Monday, June 8, with its annual Founder’s Day celebrations, bringing together team members from across the business to mark the anniversary.

Staff from H&W’s 55 managed houses took part in the company’s annual litter pick as part of the occasion. Every employee in the managed house estate also received a slice of birthday cake and a bottle of the commemorative anniversary beer – Hannah and George Edward’s Kindness, which is named after key figures in H&W’s founding history.

“I’m incredibly proud that we continue the tradition of giving back to our local communities that support us, in addition to celebrating our heritage,” added Mr Woodhouse.

“As we look ahead, we’re excited to begin preparations for an even bigger celebration as we approach our 250th anniversary next year.”

Last year, H&W was named the ‘Best Managed Pub Company’ at the Publican Awards.