Street takes fright as AI haunts technology stocks
Mumbai, Feb. 25 -- Battered technology stocks led a sharp sell-off on Dalal Street on Tuesday, dragging the benchmark indices lower as mounting fears of artificial intelligence (AI)-led disruption triggered fresh panic in a struggling IT sector.
Even as the benchmark BSE Sensex closed 1.28% down at 82,225.92, peer Nifty 50 closed 1.12% lower at 25,424.65, weighed by a steep 4.7% fall in the Nifty IT index-its fifth straight session of losses. The Nifty IT index has now lost 24% so far this year, wiping out Rs.3.04 trillion in investor wealth on Tuesday alone.
An alarming take by Citrini Research on the risks of AI hammered software stocks worldwide. In a report on the disruptive potential of AI, Citrini envisioned a 2028 scenario where US u...
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