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Indian IT stocks saw a significant fall on Wednesday. This decline followed a sell-off in US counterparts after Anthropic launched new AI tools. Market watchers fear these automation tools could replace outsourced IT services, potentially pressuring margins for Indian IT firms. Experts suggest long-term investors monitor deal trends for AI's impact.
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Asian stocks mirrored Wall Street's tech sell-off, with South Korea's Kospi leading losses amid concerns over high valuations and spending. While tech giants like Alphabet and Arm Holdings saw declines, futures for US gauges rose, suggesting easing selling pressure. Gold and silver advanced, continuing their rebound from a recent plunge.
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BlackRock CEO Larry Fink urges India to prioritize domestic capital markets over foreign inflows for sustained economic participation. He highlights India's advanced financial infrastructure, from digital payments to asset tokenization, as a strong foundation for growth. Fink also downplayed AI bubble concerns, emphasizing underinvestment risks, especially in the US, amidst China's progress.
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