The overarching narrative is that Indian equity markets missed out on the global artificial intelligence boom. But a look under the hood reveals a slew of smaller firms winning from trillions of dollars being spent on AI capacity.

The poster child for this rally is Sterlite Technologies Ltd., the optical-fiber maker owned by the Vedanta Group which has surged more than 530% this year. It got a $1.1 billion multi-year contract from a US-based hyperscaler last month. Its competitor, HFCL Ltd., has jumped 191% while MTAR Technologies Ltd., which makes precision cooling and power components, has more than trebled.

An equal-weighted Bloomberg index of 28 Indian companies that feed the data-center ecosystem — from makers of transformers, switchgear, wires to cables and cooling systems — has added about $47 billion in combined market value this year, a rise of nearly 50%. The benchmark NSE Nifty 500, meanwhile, has lost over $300 billion in 2026.

Since every AI query runs through power-hungry data centers which require immense electricity and cooling, old-economy industrial firms have transformed into India’s hottest market play. In Mumbai dealing rooms, it’s called the ‘AI capex trade.’
“We may be on the wrong end of the AI trade, but we could be on the right side of the AI capex trade,” said R. Sivakumar, chief investment officer at Axis Mutual Fund. “One could consider companies benefiting from data centers and the entire value chain associated with this capex.”

Amazon.com Inc. plans to invest $12.7 billion in cloud infrastructure in India through 2030, while Alphabet Inc. is spending about $15 billion on an AI infrastructure hub in Visakhapatnam.
A Reliance Industries Ltd. joint venture signed an $11 billion pact to build local data centers last year, while AdaniConnex Pvt. has partnerships with Google as well as Uber Technologies Inc. to help build their data centers.

‘Picks and Shovels’

“The most attractive exposure is in the industrial supply chain — the ‘picks and shovels’ that build, power, and cool these facilities,” Nomura Holdings Inc. analysts led by Akash Gupta wrote in a June 2 report.

Also, a two-to-four year lead time in supplying some components has “created an enviable seller’s market with multi-year backlogs,” Nomura analysts wrote, adding that orders secured now will bring revenue between 2027 and 2029.

Foreign investors are already piling in. Shareholding of foreign funds in industrials rose to 14% as of end-March, the highest in two years, according to Elara Capital (India) Pvt., even as global funds remain record sellers of Indian stocks.

On a top-down basis, India is one of the worst-performing markets globally as it lacks pure-play AI firms and semiconductor makers that are turbocharging Taiwanese and South Korean equities. But the global obsession with generative AI is boosting those that keep these hyperscalers running, such as Hitachi Energy India Ltd., ABB India Ltd. and Cummins India Ltd.

The runaway rallies of these below-the-radar beneficiaries are largely invisible in headline numbers, as many of them — Sterlite and MTAR for instance — remain excluded from the broadest domestic indexes.
“The rally in companies like Sterlite and MTAR is driven by the market’s growing conviction that AI is creating a multi-year infrastructure capex cycle, not just a software opportunity,” according to Angel One.

Total investments in global hyperscale data centers are likely to exceed $1.2 trillion between 2025 and 2027, estimates Angel One. This will also expand the customer base for these equipment manufacturers.

Mahesh Viswanathan, chief executive officer of Finolex Cables Ltd. said in an earnings call last month that this was “the right time to be in this industry.” Finolex’s have surged nearly 36% this year.

The market is rewarding companies with visible AI-linked earnings rather than just thematic exposure, according to Angel One. Also, the biggest near-term risk is valuation as share rallies have left “no room for execution disappointments,” the brokerage added.

For instance, Anant Raj Ltd., the only listed pure-play data center firm, has gained just about 8% this year. Meanwhile, Sterlite is trading at about 70 times its 12-month forward earnings, compared to NSE 500’s 19 times.

But no market watcher is downplaying this opportunity.

“Data center capex has emerged as the single largest contemporary industrial investment cycle,” Nomura analysts wrote. It’s “larger than the global wireless 4G roll out, the post-2008 LNG build-out, or the early-2010s shale boom.”

SINGAPORE: Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon.

Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling ‌down 2.84% in ⁠the ⁠previous session.

U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11%, following a 3.1% loss on Thursday.

Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a ⁠fifth of the ‌world’s oil passes, remained limited.

Analysts have flagged concerns of falling oil inventories globally that could cause a price spike in the ⁠third quarter.

Hezbollah leader Naim Qassem rejected on Thursday a U.S.-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.
U.S. President Donald Trump said on Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace. “Any optimism remains heavily clouded by a tangled web of ‌headlines and counter-headlines,” IG market analyst Tony Sycamore said in a note.

“From a technical perspective, as long as (WTI) crude oil remains above trendline support in the low $80s, ⁠the risks remain skewed to the upside.”

OPEC is sticking to its oil demand growth forecast of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz.

Iranian oil exports have fallen to their lowest level in six years mainly due to the U.S. naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.

NEW YORK — Taylor Swift and Travis Kelce have reportedly enlisted celebrated Indian luxury event designer Rishi Patel to plan their highly anticipated wedding, according to multiple entertainment sources familiar with the couple’s preparations.

The pop superstar and NFL tight end, who have been dating since 2024, are said to be aiming for an extravagant yet intimate celebration blending their high-profile lifestyles with global cultural influences. Patel, known for orchestrating lavish events for Bollywood elites and international celebrities, brings a distinctive aesthetic that combines traditional Indian opulence with contemporary design sensibilities.

Sources indicate the couple first connected with Patel through mutual industry contacts earlier this year. His portfolio includes high-profile destination weddings and corporate events that emphasize personalized storytelling, sustainable luxury, and immersive experiences. The choice reflects Swift and Kelce’s desire for a celebration that feels both grand and deeply personal.

The couple went Instagram official in April 2026, sharing a video of them together during a trip to Japan. Since then, they have been frequently photographed at public events, including Coachella and various NFL games, generating intense media interest and fan speculation about their future plans.

Rishi Patel has built a reputation as one of India’s most sought-after event designers. His work often features intricate floral installations, custom lighting, and cultural fusion elements that resonate with global clients. Industry insiders suggest Patel’s involvement could introduce unique touches such as traditional Indian ceremonies alongside Western traditions, creating a multicultural celebration.

While neither Swift nor Kelce has publicly confirmed wedding plans, rumors have intensified in recent months. Sources close to the couple describe them as deeply committed, with discussions about timing and locations reportedly underway. Potential venues mentioned in entertainment circles include private estates in the United States, Europe, or even a destination in India to honor Patel’s heritage.

The couple’s relationship has captivated the public since they were first linked in early 2024. Swift’s support at Kelce’s Kansas City Chiefs games and Kelce’s appearances at her Eras Tour shows created a modern celebrity power couple narrative that transcends sports and music. Their combined influence has boosted everything from NFL viewership to Swift’s music streaming numbers.

Patel’s selection aligns with the couple’s pattern of embracing diverse cultural experiences. Swift has previously incorporated global influences in her music and tours, while Kelce has shown openness to new traditions through his public persona. Industry observers note that hiring an Indian designer could signal a wedding that celebrates inclusivity and cross-cultural appreciation.

Financial details of the event remain speculative, but celebrity weddings involving top-tier planners often exceed several million dollars. Patel’s reputation for bespoke experiences suggests a production that could rival some of the most memorable celebrity nuptials in recent years.

Fan reaction on social media has been overwhelmingly positive. Many Swifties and NFL enthusiasts expressed excitement about the cultural fusion aspect, with some speculating about potential performances, guest lists, and thematic elements. The news has trended globally, highlighting the couple’s enduring public fascination.

Swift, one of the world’s best-selling recording artists, has maintained a relatively private stance on her personal life in recent years while continuing to dominate charts with her music. Kelce, a future Hall of Famer, has expanded his brand through endorsements, media appearances, and podcast work. Their relationship is often cited as an example of two high-achieving individuals supporting each other’s careers.

The involvement of Rishi Patel adds an international dimension to the already high-profile romance. His design philosophy emphasizes emotional storytelling and sensory experiences, qualities that could translate well to a wedding uniting two global icons. Sources suggest the couple values authenticity and creativity in their personal milestones.

As speculation mounts, representatives for both Swift and Kelce have declined to comment on the reports. The couple has previously emphasized keeping certain aspects of their relationship private while sharing joyful moments with fans through social media.

Entertainment experts predict that if the wedding proceeds as rumored, it could become one of the most talked-about celebrity events of the decade. Patel’s track record suggests meticulous attention to detail, from custom décor and culinary experiences to meaningful cultural integrations.

The couple’s decision to hire an Indian designer may also reflect broader trends in celebrity weddings toward global collaboration and cultural appreciation. In recent years, high-profile couples have increasingly incorporated diverse traditions, creating more inclusive and memorable celebrations.

For now, fans continue to speculate about timelines, locations, and potential surprises. Whether the wedding happens this year or next, the involvement of Rishi Patel ensures it will be executed with sophistication and creativity.

Swift and Kelce’s relationship has been notable for its balance of public moments and private connection. Their ability to navigate intense media scrutiny while supporting each other’s professional ambitions has earned admiration from fans and peers alike.

As preparations potentially unfold, the couple’s choice of Patel signals a desire for an event that reflects their individual personalities and shared values. The designer’s expertise in creating magical, personalized experiences positions him well to meet their vision.

The entertainment world will be watching closely for any official announcements. Until then, the reported hiring of Rishi Patel adds another layer of intrigue to one of modern celebrity’s most compelling romances.

ATLANTA — Brittney Griner was assessed a Flagrant 1 foul late in the fourth quarter after forcefully throwing Chicago Sky forward Angel Reese to the floor during a physical matchup between the Atlanta Dream and Chicago Sky on Tuesday night.

The incident occurred as the Dream secured a double-digit victory in the Commissioner’s Cup. Griner, standing at 6-foot-9, made contact with the 6-foot-3 Reese during a rebounding battle, lifting and tossing her opponent to the court in a moment that quickly drew attention across the league.

Reese, who finished with a double-double including 13 rebounds, reacted immediately but was not injured on the play. Officials reviewed the contact and issued the flagrant foul to Griner, a call that sparked debate among fans and analysts about the physicality in the WNBA and the league’s approach to player safety.

Griner, a veteran center known for her size and defensive presence, has faced scrutiny throughout her career for on-court physicality. The play added to ongoing conversations about the balance between competitive intensity and player protection in a league where stars like Reese and Griner often draw significant attention.

The Atlanta Dream ultimately won the game comfortably, with the physical contest highlighting the growing competitiveness and physical demands of the WNBA. Reese’s strong rebounding performance, including several offensive boards, underscored her emergence as one of the league’s top young talents despite the dramatic moment with Griner.

The incident occurred during a season in which both players have been central figures. Griner, playing for the Atlanta Dream in 2026, has continued to be a dominant interior presence despite averaging only 4.6 rebounds per game this season — a statistic many observers find surprising given her height and wingspan. Reese, on the other hand, has built a reputation for tenacity on the boards and has been a key part of the Sky’s rotation.

League officials have not commented publicly on the specific foul beyond the on-court ruling. The WNBA has emphasized player safety and sportsmanship in recent seasons, implementing rules and review processes to address flagrant contact. This particular play will likely be reviewed further by the league office as part of standard procedure for flagrant fouls.

Fans and commentators reacted swiftly on social media. Some defended Griner’s physicality as part of the game’s intensity, while others argued the move crossed a line given the size disparity. Reese’s response on the court was measured, and she continued playing without apparent issue.

The physical confrontation comes amid a broader discussion about the evolution of the WNBA. As the league gains popularity and attracts more athletic, skilled players, the physical demands and intensity of games have increased. Stars like Griner and Reese represent different generations and styles — Griner as an established veteran with Olympic and international experience, and Reese as a rising star bringing energy and rebounding prowess.

Griner’s career has included significant off-court challenges, including her detainment in Russia in 2022, which drew international attention before her release. On the court, she remains one of the most physically imposing players in the league, capable of altering games with her presence in the paint.

Reese has quickly established herself as a fan favorite and impactful rookie, known for her rebounding instincts and competitive fire. Her ability to secure 13 rebounds against a formidable frontcourt including Griner highlights her potential as a cornerstone player for the Sky.

The Atlanta Dream’s victory in the Commissioner’s Cup matchup provided a positive result for the home team, but the Griner-Reese incident overshadowed much of the postgame discussion. The Commissioner’s Cup, designed to add competitive elements to the regular season, has featured several notable physical contests this year.

League analysts suggest such moments, while dramatic, reflect the increasing physicality and competitiveness of the WNBA as it grows in stature. Officials continue to monitor games closely, with replay reviews becoming more common for potential flagrant fouls.

For both players, the focus will likely shift back to their respective teams’ playoff pushes. The Sky and Dream are positioned in competitive conferences, where every game carries significant weight. Reese’s resilience and Griner’s veteran leadership will be key factors as the season progresses.

The WNBA has seen increased viewership and media attention in 2026, with star players like Griner and Reese driving fan engagement. Incidents like Tuesday’s foul generate conversation but also highlight the league’s commitment to balancing physical play with player safety.

As the season continues, both teams will look to build on their strengths. The Dream’s interior presence with Griner provides a defensive anchor, while the Sky rely on Reese’s energy and rebounding to create second-chance opportunities.

The league office is expected to review the play in the coming days. Flagrant 1 fouls carry penalties including fines and potential suspensions for repeat offenders, though no immediate disciplinary action beyond the in-game call has been announced.

Tuesday’s game served as a reminder of the physical toll and competitive nature of professional basketball. For Griner and Reese, it was another chapter in their respective careers — one marked by resilience, physicality, and the constant scrutiny that comes with being among the WNBA’s most visible players.

As the season moves toward its later stages, both athletes will continue to draw attention for their on-court performances and the larger narratives surrounding their careers. The WNBA’s growth has amplified these stories, making moments like the Griner-Reese collision part of the league’s evolving highlight reel.

LOS ANGELES — American Airlines is temporarily suspending six North American routes, including four nonstop flights from Los Angeles International Airport, citing elevated jet fuel prices driven by the ongoing war in Iran, the carrier confirmed on Wednesday.

The suspensions, effective between August 5 and October 5, affect flights from LAX to Cleveland, Columbus, Pittsburgh and Washington Dulles. Additional cuts include service between Charlotte and Ontario, California, as well as Charlotte and Sacramento. Travelers on impacted routes will be offered alternate travel arrangements or refunds in accordance with the airline’s policy.

The decision reflects broader industry challenges as airlines grapple with volatile fuel costs amid geopolitical tensions in the Middle East. American Airlines expects its jet fuel expenses to rise by more than $4 billion this year, prompting careful capacity adjustments to protect profitability.

“American has seasonally adjusted service on select routes in August and September as the airline refines its capacity growth for 2026,” the carrier said in a statement. “American is not suspending any routes indefinitely as part of this adjustment and will continue to proudly offer an industry-leading network with more flights than any other U.S. airline.”

The affected routes carried significant passenger traffic last year, with more than 1.4 million round-trip travelers across the combined markets, according to Department of Transportation data. While passengers will still be able to reach these destinations from LAX during the suspension period, they will require connections, likely increasing travel time and potentially fares for some.

This marks the latest in a series of route adjustments by major carriers responding to economic pressures. Norse Atlantic Airways recently scrapped all flights from LAX for the summer season due to similar fuel cost concerns, highlighting the strain on long-haul and transatlantic operations.

The war in Iran has significantly disrupted global oil markets, driving up crude prices and, by extension, aviation fuel costs. Airlines, which typically see fuel as their largest operating expense, have been forced to reassess schedules, raise fares and seek efficiencies to maintain margins. Industry analysts expect these pressures to persist through the remainder of 2026, potentially leading to further capacity reductions across the sector.

Los Angeles International Airport, one of the busiest in the world, serves as a critical hub for American Airlines. The suspension of four routes represents a notable reduction in direct connectivity from LAX, which could affect business travelers, tourists and families with ties to the Midwest and East Coast. Airport officials acknowledged the changes but noted that overall capacity at LAX remains robust due to service from other carriers.

The timing of the cuts coincides with peak summer travel season, when demand for flights to these destinations typically rises. Passengers who had already booked travel are being contacted by the airline with rebooking options. Those unable to find suitable alternatives are eligible for full refunds.

Aviation experts say such seasonal adjustments are not uncommon but have become more frequent as fuel volatility increases. Airlines use sophisticated forecasting models to balance supply and demand, but sudden spikes in oil prices can force rapid changes to protect financial performance.

American Airlines operates one of the largest networks in the United States, with thousands of daily flights. The six suspended routes represent a small fraction of its overall schedule, but their impact is significant for communities that rely on direct service. The airline emphasized that these are temporary measures and expressed commitment to restoring service when conditions improve.

The broader airline industry has faced multiple challenges in 2026, including labor shortages, supply chain issues for aircraft parts and fluctuating demand patterns post-pandemic. Fuel costs remain the most unpredictable variable, with prices swinging based on global events beyond carriers’ control.

For consumers, the route cuts may mean higher fares or longer travel times on affected city pairs. Travel advisers recommend booking early and remaining flexible with dates and itineraries to secure the best available options. Some passengers may find alternative carriers offering direct service, though availability varies.

Environmental considerations also play a role in capacity decisions. Airlines have committed to sustainability goals, including reduced carbon emissions. Cutting less efficient routes can help meet those targets while addressing immediate financial pressures from high fuel prices.

The situation at LAX highlights the airport’s role as a major economic engine for Southern California. Any reduction in service can affect jobs in aviation, tourism and related industries. Airport authorities are working with carriers to minimize long-term impacts and explore opportunities for new routes to offset the losses.

As the summer travel season ramps up, passengers are advised to check flight status regularly and contact airlines directly with questions about rebooking. The Federal Aviation Administration continues to monitor industry capacity adjustments to ensure safety and operational standards remain high.

American Airlines’ decision reflects a cautious approach to managing costs in an uncertain environment. While disappointing for travelers on the affected routes, the temporary nature of the suspensions provides some reassurance that service will return once fuel markets stabilize.

Industry observers expect other carriers to make similar adjustments if oil prices remain elevated. The war in Iran has created a ripple effect across global markets, with aviation feeling the impact through higher operational expenses and cautious consumer spending.

For now, passengers planning travel to or from the suspended destinations are encouraged to explore connection options through American’s extensive network or consider alternative airlines where available. The airline has pledged to assist affected customers during this transition period.

The developments at LAX and other airports underscore the interconnected nature of global events and local travel. As geopolitical tensions influence energy markets, travelers may face continued adjustments in flight availability and pricing throughout 2026.

American Airlines remains committed to its long-term growth strategy, including fleet modernization and route expansion where economically viable. The temporary cuts are part of a broader effort to align capacity with current market realities while preserving the airline’s competitive position.

As summer travel peaks, the industry will continue monitoring fuel prices closely. Any easing of geopolitical tensions or increase in oil supply could lead to quicker restoration of suspended routes. Until then, passengers are urged to plan accordingly and remain flexible in their travel arrangements.

Euroz Hartleys has confirmed the Bank of Montreal has made a $145 million cash offer to potentially acquire its corporate finance division. 

In responding to media speculation, the Perth stockbroking firm told the market BMO Financial Group – being the Bank of Montreal – had made a non-binding and conditional cash offer to buy its capital markets business. 

Under the deal, Euroz Hartleys would retain full ownership of its wealth management business and seek to form an alliance to maintain links between the two divisions. 

Euroz’s board has provided BMO with a period of exclusivity until the end of the June to conduct due diligence and progress deal documents.

The firm said discussions were ongoing and that there was “no certainty that the discussions will lead to any transaction or definitive agreement”.

“The board of Euroz Hartleys remains committed to the strategic direction and continued growth of the company on a standalone basis and to maximising value across all of its businesses for shareholders, along with a strong focus on ensuring positive outcomes for employees and clients,” Euroz told the market.

“After due consideration and acting in the interests of all shareholders, the board has provided BMO with a period of exclusivity to 30 June 2026 to conduct due diligence and progress relevant transaction documentation.”

BMO Financial Group is the dual-listed entity for the Bank of Montreal, listed on both the Toronto Stock Exchange and New York Stock Exchange.

The Andrew McKenzie-steered company engaged Grant Samuel as financial adviser and Steinepreis Paganin as its legal adviser on the proposed deal.

The proposed deal comes after Euroz previously confirmed it was in early stage talks for potential opportunities amid swirling Canadian deal rumours in the second half of 2025.

A potential Bank of Montreal deal would follow other Canadian players in the Australian market, after Canaccord Genuity bought Perth-based Patersons Securities in 2019.