Nifty IT down 1.5% as Anthropic IPO sparks chip rally
The Nifty IT index slid 1.5% on October 27, mainly because Infosys and TCS shares took a hit.
While India's top tech names struggled, the bigger story was happening in Asia, where excitement around artificial intelligence (AI) made semiconductor stocks surge after Anthropic PBC filed for its IPO.
Anthropic IPO lifts Kospi nearly 5%
Anthropic's IPO news sent Samsung Electronics and SK Hynix up over 4% in South Korea, helping the Kospi jump nearly 5%. Japan's Nikkei also got a boost with Advantest Corp.
Market analyst Hebe Chen, a market analyst at Vantage Global Prime, said, "Anthropic's landmark IPO filing alongside Meta's aggressive capex push has reignited broader risk appetite, pulling capital out of its defensive crouch and firmly restoring chip stocks back to the driver's seat."
With big earnings from Samsung and Alphabet coming up soon, all eyes are on how these tech giants will shape the next chapter of the AI race.