Indian IT Stocks Rally Up to 7% Amid AI Investment Concerns
Indian IT stocks, including HCL Tech and TCS, surged up to 7%, boosting the Nifty IT index by 3.3%. This rally came despite global tech stocks facing pressure due to rising AI investment costs and uncertain returns. Executives from Broadcom and Intel highlighted capital constraints, while OpenAI reported a September annualized revenue of nearly $50 billion, below its earlier $70 billion estimate.
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