Indian IT ADRs Slide on AI Disruption Fears, Reflecting Broader Tech Weakness

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.