From Infosys to Salesforce: JP Morgan decodes why the new AI Plugin triggers a ‘mass exodus’ in tech portfolios

From India to the US, technology stocks felt the heat after Anthropic announced new AI plugins. The Nifty IT Index plunged to a 3-month low following the sharp selloff on US tech stocks on February 3. US tech stocks continue to see lingering pressure even in early trade on February 4. JP Morgan, in a recent report, has highlighted that a “broad, sweeping, mass exodus of Software stocks” was triggered by the perception that rapid AI technological advancement is poised to disrupt the entire enterprise software landscape.