India’s NSE and BSE Restrict Overseas Website Access Amid Cybersecurity Concerns

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India’s two largest stock exchanges, the National Stock Exchange (NSE) and BSE Ltd, have temporarily curbed access to their websites for overseas users, according to three sources familiar with the matter. The move is precautionary in nature and does not impact foreign investors’ ability to trade on Indian markets, the sources emphasized.

The decision followed a joint meeting of the exchanges on Tuesday, where cybersecurity threats were discussed, one source said. While no specific attacks have been confirmed, the BSE acknowledged cyber threat monitoring as part of its protective protocol, adding that access is being granted on a case-by-case basis.

The restriction comes amid heightened regional tensions, particularly in light of ongoing geopolitical friction between India and Pakistan, though the sources did not directly link the decision to recent conflict-related developments.

“BSE, being a critical market infrastructure institution (MII), proactively and continuously monitors risks… and based on such monitoring… blocks certain websites/locations to protect users and systems,” a BSE spokesperson said in a statement to Reuters.

Indian markets continue to operate normally, and there is no indication of disruption to core trading systems. The move reflects growing caution among global financial institutions as cyberattacks targeting sensitive financial infrastructure increase in frequency and sophistication.

The NSE has not yet commented on the development.

Palantir Shares Tumble Over 13% Despite Revenue Beat and Upgraded Forecast

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Palantir Technologies (PLTR.O) saw its stock plunge more than 13% on Tuesday, as investors reacted negatively to quarterly results and a raised full-year forecast that fell short of Wall Street’s elevated expectations. This comes after the stock had soared 63% year-to-date, following a quadruple gain in 2023, driven by optimism around its AI capabilities and government contracts.

The Denver-based data analytics firm reported first-quarter revenue of $883.9 million, a 39% year-over-year increase, and above analyst expectations of $862.8 million, according to LSEG. U.S. government revenue surged 45%, highlighting continued momentum in federal and defense sectors.

Despite the beat, analysts say the market had already priced in strong performance, leaving little room for upside. “We believe we have reached a point where respectable earnings beats and raised guidance aren’t enough to materially move the stock to the upside,” said Morningstar analyst Mark Giarelli.

Palantir now forecasts 2024 revenue between $3.89 billion and $3.90 billion, up from the prior estimate of $3.74 billion to $3.76 billion. The company also noted a record number of $1 million+ deals, with strong customer growth in U.S. commercial sectors such as healthcare, energy, and automotive.

However, valuation concerns are mounting. Palantir’s 12-month forward P/E ratio stands at 202.07, significantly higher than that of industry peers like Snowflake (131), Datadog (54.81), and Salesforce (23.48). If the stock decline holds, the company is poised to shed over $40 billion from its $292 billion market cap.

Despite the sell-off, at least nine brokerages raised their price targets for Palantir post-earnings, pushing the median target to $96.46 — a sign of continued long-term confidence in the firm’s AI-driven growth.

OpenAI Retreats from Restructuring Plan, Nonprofit Retains Control Amid Lawsuit and Public Backlash

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OpenAI has reversed course on a major restructuring plan, announcing on Monday that its nonprofit parent will retain control over its for-profit arm — a move aimed at easing growing criticism and legal pressure, including a lawsuit from co-founder Elon Musk.

In a blog post, CEO Sam Altman emphasized that OpenAI will remain under nonprofit oversight, countering a December proposal to convert the for-profit unit into a Public Benefit Corporation (PBC). That plan, which would have diluted nonprofit control in favor of capital-raising flexibility, faced strong pushback from civic leaders, regulators, and former OpenAI insiders.

“We made the decision for the nonprofit to stay in control after hearing from civic leaders and having discussions with the offices of the Attorneys General of California and Delaware,” said Bret Taylor, chairman of OpenAI’s board.

While the nonprofit will remain the controlling entity and a major shareholder, OpenAI still plans to proceed with uncapping investor profits and revising its for-profit structure to attract future funding. The company is also working with Microsoft, regulators, and other stakeholders to finalize equity distribution under the updated plan.

However, critics say the announcement lacks clarity. Page Hedley, a former OpenAI ethics adviser, said the nonprofit’s reduced ownership stake raises questions about whether OpenAI’s mission — ensuring artificial general intelligence (AGI) benefits all of humanity — will remain legally paramount under the revised structure.

Meanwhile, Elon Musk’s lawsuit will proceed, with his legal team dismissing the move as a cosmetic change. Attorney Marc Toberoff argued that the new structure hides how much control the nonprofit has ceded to the for-profit business.

Despite the controversy, Altman said investor confidence remains strong, and that the company can still raise up to $40 billion in new funding, including a proposed round led by SoftBank at a $300 billion valuation.

The update comes as the AI arms race intensifies, with OpenAI seeking a delicate balance between mission fidelity and capital flexibility, all while navigating legal scrutiny, ethical concerns, and internal leadership tensions.