BUZZ-More AI-led pain ahead for IT as new tools threaten revenues, says Jefferies
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Jefferies warns that AI advancements, particularly Anthropic’s Cowork plug-ins, could significantly impact IT firms' revenues, which heavily rely on application services. The brokerage anticipates continued revenue growth challenges for IT services over the next 1-2 years, as declining legacy service revenues overshadow new AI opportunities. The Nifty IT index remained flat after a 6% drop, reflecting broader declines in global software stocks, with the IT index down 3.9% year-to-date compared to a 1.7% drop in the Nifty 50.
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