The anti-AI play: IT index rises 3% as global chipmaker selloff deepens; Coforge, Mphasis lead gains

Indian IT index rose 3% as global chipmaker selloff deepened, with Coforge and Mphasis leading gains.

Indian IT is seen as relatively insulated from AI boom's hefty funding needs because it lacks pure-play AI companies.

The move is considered an anti-AI play, as investors shift away from global chip stocks reliant on AI investment.

Sector gains reflect a rotation into value-focused IT services over high-cost AI infrastructure plays.