Wipro U.S.-listed shares fall over 13% as AI doubts grow
Business
Wipro's U.S.-listed shares dropped over 13% on Wednesday after weak quarterly results and cautious management guidance left investors uneasy.
The big worry? Generative AI is changing the game, and there are growing doubts about Wipro's ability to keep up as demand for traditional IT services slows down.
JPMorgan cuts Wipro target to $1.70
JPMorgan downgraded Wipro, cutting its price target from $2.20 to $1.70, pointing to how AI is speeding up automation and putting pressure on old-school billing models.
The source notes that Wipro has underperformed several peers, making it clear that legacy IT firms need to rethink their strategies to stay relevant.