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The Magnificent Seven are underperforming as investors question whether massive AI spending will generate adequate returns. With $2.3 trillion erased in June, markets are shifting focus from AI hype to profitability, free cash flow and monetisation ahead of earnings.

Brokerages increased price targets for Asian Paints after strong June quarter earnings. Most analysts maintained their existing recommendations for the paint company. Rich valuations and rising raw material costs limit the stock’s upside potential. Intense competition also continues to affect the company’s performance. Analysts’ consensus price target suggests a ten percent upside from Thursday’s close.

Muthoot Finance shares tumbled over 10% after the gold loan lender reported slower AUM growth and margin pressure in the June quarter. While brokerages flagged intensifying competition and weaker profitability, they expect gold loan demand to remain healthy, with future performance hinging on margins, gold prices and competitive pricing.