Infosys, TCS, Coforge shares: IT stocks fall after Anthropic IPO filing; here's why

Indian IT stocks such as Infosys Ltd, Tata Consultancy Services (TCS) and Wipro Ltd, which had recently gained on hopes of a global shift away from AI stocks, fell on Tuesday amid Anthropic's planned IPO and Meta Platforms Inc's announcement that it was seeking $95 billion through equity offerings, raising fears that hopes of a 'reverse AI' trade may be premature."The artificial-intelligence theme received a fresh boost after Anthropic filed for an initial public offering on the Nasdaq. Semiconductor stocks rallied sharply, with the iShares Semiconductor ETF (SOXX) rising nearly 3 per cent. Nvidia gained 2.4 per cent, Micron 3 per cent, Broadcom 2.3 per cent and AMD 2.8 per cent," said Nandish Shah, Deputy Vice President at HDFC Securities.

Also reported by Forbes.

First reported by Business Today. This page is a short excerpt; the full text is theirs.