American Depository Receipts (ADRs) of major Indian IT firms, Infosys and Wipro, experienced significant declines, with Infosys falling over 4% and Wipro approximately 3.35%. This downturn is primarily attributed to escalating concerns regarding Artificial Intelligence's (AI) potential to disrupt traditional outsourcing business models. The fall mirrors a broader weakness observed across the global technology sector, with US giants like Apple, Amazon, and Cisco also recording drops. Conversely, Siemens AG shares surged by 7.1% after the company raised its fiscal 2026 earnings per share outlook, citing AI-driven gains in industrial manufacturing. This divergence highlights a significant shift in market sentiment, as investors re-evaluate the future demand for legacy IT services amidst advancing AI capabilities.
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