The Economic Times

Rs 1.75 lakh crore SaaSpocalypse for IT stocks explained: What it means for investors

Indian IT stocks experienced a significant selloff on Wednesday. Investors reacted to fears that artificial intelligence could make traditional software and IT services outdated. This led to a substantial drop in market value for major IT companies. Global tech stocks also saw declines. The concern is that AI advancements may increase competition and reduce profitability for these firms.