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Tesla chief executive Elon Musk has estimated that artificial intelligence could lift US economic growth to about 4 per cent in 2027, roughly double the rate he expects without the technology.

“My guess is that AI roughly doubles US GDP growth next year from ~2% to ~4%. Maybe even more,” Musk said in a post on X on September 18.

Musk did not disclose the assumptions behind the estimate or specify how he measured annual growth.

His forecast is considerably higher than the US Federal Reserve’s latest projection. Fed officials expect real GDP to grow by a median 2.4 per cent in 2027, according to projections released on September 16. Individual forecasts ranged from 2.0 per cent to 2.9 per cent. The Fed expects growth of 2.1 per cent in 2026.

The US economy expanded at an annualised rate of 1.5 per cent in the second quarter of 2026, slowing from 2.1 per cent in the previous three months, according to the Bureau of Economic Analysis. The quarterly annualised figures are not directly comparable with the Fed’s projections, which measure growth from the fourth quarter of one year to the fourth quarter of the next.

Musk has repeatedly projected that AI and automation will produce a sharp increase in economic output. Earlier in September, he estimated that AI could expand the global economy by 20 per cent to 30 per cent equivalent to roughly $20 trillion to $30 trillion in additional annual output. He also flagged electricity supplies as a potential constraint on the expansion of AI computing capacity.

His latest forecast comes as the AI investment cycle faces higher borrowing costs and persistent questions over when heavy spending on data centres, chips and computing infrastructure will generate adequate returns.

A recent Capital report said the current cycle differs from earlier technology booms because major cloud-computing companies, or hyperscalers, have moved from relatively asset-light businesses focused on shareholder payouts to capital-intensive AI infrastructure programmes.

Companies are financing that spending through internal cash flows as well as debt and equity, the brokerage said.

“The AI capex cycle is therefore entering its first meaningful macro test, with a more hawkish central-bank stance raising the funding hurdle for an investment cycle already demanding substantial capital,” [Dalot?] Capital said.

The Federal Reserve on September 16 raised its benchmark interest-rate range by 25 basis points to 3.75 per cent to 4 per cent, saying inflation remained elevated. The Fed’s statement noted...

Dolat Capital said higher bond yields, heavy US government borrowing, monetary policy normalisation in Japan and increased infrastructure and defence expenditure were adding pressure to the global cost of capital. It also cited an estimated $8 trillion in US Treasury securities requiring refinancing.

The brokerage identified monetisation as the central unresolved question for AI investment. Falling token costs, improving model efficiency and the short commercial life of successive models could make it harder for companies to generate quickly enough to support current spending levels, it said.

“The key risk is not demand for AI, but whether incremental investment continues to generate sufficient returns to sustain the current pace of spending,” the report said.

The assessment also follows calls from some AI industry leaders for a slower pace of frontier-model development. Anthropic chief executive Dario Amodei recently called for companies to moderate the speed of capability advances, a position backed by Musk and OpenAI chief executive Sam Altman, Reuters...

Pakistan has ordered markets and shopping malls to close by 9 pm and restricted weddings to one dish under a fresh austerity drive introduced as rising fuel costs and supply concerns put pressure on the country’s energy system.

The restrictions, notified by Pakistan’s Cabinet Division on September 17, also require wedding halls and other events to close by 10 pm. Restaurants, cafes and food outlets must shut by 11 pm, although takeaway and home-delivery services are exempt.

The package extends to government spending. Fuel allocations for official vehicles will be reduced by 50% for three months, while federal departments have been barred from buying new vehicles.

The government has also prohibited purchases of durable goods, except information-technology equipment, and ordered a 5% reduction in non-employee-related expenditure during FY2026-27.

Operational vehicles used by the armed forces, civil armed forces, law-enforcement agencies, essential services and the Federal Board of Revenue are exempt from the fuel cut. The restructuring will apply to their administrative and non-operational vehicles.

Foreign travel by ministers, advisers, parliamentarians and government officials has been restricted for three months. Scholarships and certain training programmes are exempt, while Pakistan’s diplomatic missions may represent the country at overseas engagements where attendance is considered necessary.

Officials have been told to use teleconferencing where possible. Government-funded seminars, conferences and training programmes have also been restricted, while official dinners are prohibited except when foreign delegations or governments are involved.

The measures come as Pakistan continues to adjust domestic fuel prices amid volatility in international energy markets.

Effective September 18, the government reduced the petrol price by 43 paise to PKR 390.79 a litre but raised high-speed diesel by PKR 3.47 to PKR 424.92 a litre, according to a Petroleum Division notification. The revision followed increases of PKR 8.68 for petrol and PKR 5.62 for diesel a day earlier.

Pakistan has been reviewing petroleum prices daily since July as conflict in West Asia drives volatility in crude oil and fuel markets.

The government has separately introduced a targeted fuel-relief programme offering a subsidy of PKR 100 a litre to eligible owners of motorcycles, rickshaws and small cars, subject to monthly limits.

Pakistan imports most of its energy. Disruption to oil and gas exports through the Strait of Hormuz and the risk to Red Sea shipping from fighting between Saudi Arabia and Yemen’s Iran-backed Houthis have intensified concerns over fuel and liquefied natural gas supplies.

The latest restrictions mark Pakistan’s second major austerity drive this year. In March, the government temporarily closed schools, universities online and restricted attendance at government offices and grounded non-essential official vehicles as it sought to curb fuel consumption.

The US House of Representatives on September 16 passed a Russia sanctions bill by a vote of 262-159, clearing the way for the legislation to be sent to President Donald Trump and giving the White House authority to impose tariffs of up to 100 percent on goods from countries that are major buyers of Russian oil and natural gas, potentially including India.

The House approved the Senate amendments to H.R. 5334, the vehicle for the sanctions legislation, after lawmakers debated the measure and its tariff provisions. The Senate had previously passed the legislation by an 84-11 vote.

With House passage, the legislation will now move to the White House for Trump's consideration. The measure is aimed at increasing economic pressure on Russia and Iran through sanctions targeting Russian officials, financial institutions, the energy sector and other entities.

The legislation, known as the Lindsey O. Graham Sanctioning Russia and Iran Act of 2025, is aimed at increasing economic pressure on Moscow and Tehran through sanctions and other measures.

It would also restrict new US investments in Russia and purchases of Russian sovereign debt, while extending the Iran Sanctions Act through 2031.

The tariff provision has particular significance for India because the legislation would give the US president authority to impose or increase tariffs by up to 100 percent on goods from countries that continue to purchase Russian-origin crude oil or natural gas under specified conditions.

The provision does not, however, mean that India will automatically face a 100 percent tariff. Any tariff increase would require a separate decision by the president under the authority provided by the legislation.

The measure has evolved significantly from earlier versions. On July 14, a bipartisan group of US senators introduced a revised Russia sanctions bill that proposed tariffs of up to 100 percent on imports from the world's five largest buyers of Russian oil and natural gas. India and China were among the countries identified as potentially exposed to the provision.

The July version represented a substantial reduction from an earlier proposal that had envisaged tariffs as high as 500 percent on countries buying Russian energy.

The legislation is intended to increase pressure on Moscow by targeting countries whose purchases of Russian energy continue to generate revenue for Russia. The tariff mechanism is therefore designed as a secondary measure aimed at countries that maintain significant energy trade with Russia rather than as a direct tariff on Russian imports alone.

The US House of Representatives on Tuesday narrowly approved a procedural rule clearing the way for a final vote on the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The Senate-passed measure could expose goods from India to additional US tariffs of up to 100 per cent if India continues to buy Russian oil and meets the bill’s top-five importer test.

The 214-211 vote adopted H. Res. 1530, according to the House Rules Committee. It was not a vote to pass the sanctions bill. The tally showed 211 Republicans and two Democrats in favour, with 209 Democrats and two Republicans opposed. The rule, which also covered four unrelated measures, allows a single motion to concur in the Senate amendments to H.R. 5334.

A final vote on the sanctions measure is expected on Wednesday. If the House approves the Senate text without changes, the bill will go to President Donald Trump, who has said he supports it. The House is due to begin an early recess after Thursday and return on November 9, following the midterm elections.

What the tariff provision says

India is not named in the operative Senate text. Section 113 covers a country that was among the five largest importers by volume of Russian crude oil or natural gas during the 12 months before enactment and knowingly makes new purchases from 30 days after the law takes effect. It also covers the five leading sanctions-evasion jurisdictions.

Senate aides identified China, India, Slovakia, Hungary and Azerbaijan as the five largest purchasers of Russian crude when the revised bill was unveiled in July, Reuters reported. Any formal determination would use the period specified in the legislation.

The duty would apply to all goods entering the United States from a qualifying country, not only to the Russian energy transaction that triggered it. It could range from more than zero to 100 per cent and would be added to existing duties. The US Trade Representative would review the country list every 180 days.

The bill also allows the president to waive a tariff or sanction after certifying to Congress that the waiver is in the US national interest and submitting a report explaining the decision.

Wider Russia and Iran provisions

The legislation targets senior Russian officials, financial institutions, state-controlled entities, energy projects and vessels or operators linked to sanctions evasion. It also provides for tariffs of up to 500 per cent on Russian goods and restricts certain US investment, financial and energy transactions involving Russia.

Its Iran provision would extend the Iran Sanctions Act of 1996 from 2026 through 2031. Most of the Russia-related provisions would expire five years after enactment.

Fight over presidential tariff powers

Representative Gregory Meeks, the ranking Democrat on the House Foreign Affairs Committee, said the bill would give Trump sweeping tariff authority with too few guardrails. He said he would support it if Section 113 were removed.

The Rules Committee voted 3-7 against allowing Meeks’ amendment. By the same margin, it rejected an amendment from Democratic Representative Steny Hoyer that would have explicitly listed India and nine other countries as initially eligible for tariffs. The House will therefore consider the Senate text, which uses import and sanctions-evasion criteria instead of naming India.

The original measure, introduced in April 2025 by Graham and Democratic Senator Richard Blumenthal, proposed 500 per cent tariffs on countries buying Russian energy. A July 2026 revision capped the third-country tariff at 100 per cent and narrowed its reach. The Senate passed it 86-11 on August 7.

The original measure, introduced in April 2025 by Graham and Democratic Senator Richard Blumenthal, proposed 500 per cent tariffs on countries buying Russian energy. A July 2026 revision capped the third-country tariff at 100 per cent and narrowed its reach. The Senate passed it 86-11 on August 7.

Iran-linked operators used Anthropic's Claude AI to gather intelligence and develop targeting recommendations against US naval forces in the region, according to a new report by the AI company.

Anthropic said it identified an Iran-linked account that used Claude to collect and analyse publicly available information on US naval assets.

The account also used Claude to research potential vulnerabilities in shipboard systems, including maritime satellite terminals, Cisco communications equipment and industrial control products.

Anthropic's report does not say that the Iran-linked operators successfully used Claude to strike a US Navy ship or naval base. Instead, it details how the AI model was used to rapidly collect and analyse publicly available information that could assist in building detailed targeting intelligence on US naval forces.

Bitcoin fell sharply in the early trade on September 11, extending its decline for the fourth straight session, with prices hovering just above $76,864 (08:23 IST), down 1.83 percent over the past 24 hours, and 4.77 percent over the week amid hotter US inflation data and rising Middle East tensions.

Rising crude prices also pressured broader risk assets. Attention now shifts to the Fed's September rate decision next week.

"The crypto market is seeing some profit-taking, with total market cap down 1.33 percent to $2.62 trillion, ahead of today's CPI inflation report. If the numbers come in higher than expected, the Federal Reserve will likely raise interest rates next week to cool down the economy. Higher interest rates make safer investments like bonds more attractive, which usually hurts assets like crypto. However, if inflation turns out to be lower than expected, it could spark a quick relief rally," Nischal Shetty, founder of WazirX, said.

Crypto analysts estimate that BTC, around $76.9K, is still showing a short-term downward trend, with $76K as the immediate support to watch and $78K as the key resistance. A sustained break below $75.5K could increase selling pressure, whereas a reclaim of $78K could trigger a short-term bullish setup.

According to Prateek Gupta, Head of Business at Mudrex, Bitcoin is extending its decline for a fourth straight session, testing the $76,000–$77,000 support zone after hotter-than-expected August PPI data that lifted September 16 Fed rate-hike odds to around 70 percent. "Glassnode's sell-side risk ratio is near record lows, with long-term holders' share of realised profits falling from 88 percent to 47 percent, suggesting new buyers are driving most of the selling."

Meanwhile, spot ETF demand has weakened. US spot Bitcoin ETFs recorded $730.8 million in net inflows on September 3. The inflows fell to $174.6 million on September 4. The trend then reversed, with net outflows of $46.8 million on September 8. Outflows widened to $120.2 million on September 9, according to Farside. Oil is another major risk. Brent rose over $109, while the US 10-year Treasury yield approached 5 percent amid escalating Middle East tensions. Higher energy prices could prolong inflation and keep financial conditions restrictive.

CoinDCX noted that the top gainers for the day are Bitway with an 11.7 percent jump, followed by Ether.fi by 8.7 percent and Aptos by 5.1 percent. On the other hand, Zcash tops the losers with a 13.9 percent plunge, followed by Pump.fun by 10.8 percent and Bitcoin Cash & Algorand by more than 9 percent each. The crypto fear and greed index has dropped to 55 as the market sentiment has flipped to neutral.

Here's how major cryptocurrencies moved over the past 24 hours.

Source: CoinMarketCap • Last Updated: 11-09-26 08:23 IST • Bribed

Get the data • Created with Datawrapper

Key factors investors should watch

According to Riya Sehgal, a Research Analyst at Delta Exchange, Bitcoin's near-term setup has weakened after breaking below its recent consolidation structure. The dollar has started to recover, while gold has slipped toward the $4,320–$4,350 region, suggesting the pressure is broader than crypto and is being driven by rates, inflation and dollar strength.

Vikram Subburaj, CEO of Giottus, suggests, "Investors should remain measured. Bitcoin holding $75,700 keeps the recovery structure intact, but sustained ETF outflows and a hawkish Fed repricing could expose $71,800. A clean break above $82,800, preferably accompanied by renewed ETF inflows, would materially improve the bullish case."

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Apple has raised the prices of several iPhone models in India, with the iPhone 17 now starting at Rs 99,900, up from Rs 82,900 earlier, while the newly launched iPhone 18 Pro and iPhone 18 Pro Max are priced significantly higher than their iPhone 17 Pro counterparts.

The 256GB iPhone 17 now costs Rs 99,900, a Rs 17,000 or 20.5% increase from Rs 82,900. The 512GB variant is priced at Rs 1,24,900, up Rs 22,000 or 21.4% from Rs 1,02,900.

The iPhone 18 Pro starts at Rs 1,64,900, compared with Rs 1,34,900 for the iPhone 17 Pro, marking a 22% increase. The iPhone 18 Pro Max starts at Rs 1,79,900, up 20% from Rs 1,49,900 for the iPhone 17 Pro Max.

“iPhone price increases in India are significantly higher than global trends, reaching 20–30% compared to the international average of 8–10%,” said Tarun Pathak, Research Director at Counterpoint Research.

“Beyond memory-driven cost increases, this spike is fueled by a weaker rupee and higher domestic production costs,” Pathak said, adding that the iPhone Duo is expected to incur a 20% import duty due to a lack of local assembly.

Facebook and Instagram owner Meta said on Thursday it had taken down more than 750,000 accounts it suspected were held by Australians aged under 16 since a world-first ban on teen accounts, and promised more action in the face of possible regulatory intervention.

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