Cognizant AI chief has one word for trillion-dollar wipeout in stock market triggered by Anthropic’s Claude AI tools

Cognizant’s chief AI officer, Babak Hodjat, has described concerns that artificial intelligence will disrupt IT services companies as “overblown.” This comes after Anthropic’s Claude AI tools wiped out more than a trillion dollars from the stock market. Speaking to Reuters, Hodjat said enterprises still require significant support to deploy, integrate, and manage AI systems, despite advances in automated tools from startups such as Anthropic.

Hodjat noted that businesses are still far from relying on a single, all-purpose AI agent, adding, “That mapping is our job; it does not come just automatically out of the box,” he told Reuters.