IT stocks crash: Indian IT stocks, including tech behemoths like Tata Consultancy Services, Infosys and Wipro, fell like ninepins in the early morning trade on Wednesday, February 4, tracking an overnight decline in tech stocks on Wall Street amid concerns that artificial intelligence could intensify competition.
The recently updated artificial intelligence (AI) chatbot by Anthropic is being seen as the main culprit behind the tech selloff, as investors worry it could eat into the core business of IT services firms.
Infosys share price crashed 6% to its lowest level in nearly three months on the NSE. IT bellwether TCS shares, too, lost 6% in intraday deals today. Wipro stock was down 6.7% and HCL Tech 6.44%. All IT index constituents remained in the red, dragging the Nifty IT index lower by 5.99%.
Why are investors worried about Anthropic?
According to a Reuters report, AI developer Anthropic has launched plug-ins for its Claude Cowork agent on Friday that would automate tasks across legal, sales, marketing and data analysis, raising fears of AI displacement.
