NYSE:ORLY News 9 December 2025

February 4, 2026, 1:35 AM EST. Indian IT stocks faced a historic Rs 1.9 lakh crore market value drop on Wednesday, driven by fears that artificial intelligence (AI) advancements could disrupt traditional software and IT services. Shares of Infosys and Mphasis fell over 7%, while others like LTIMindtree, Wipro, and TCS declined between 4% and 6%. The selloff extended globally, with Nasdaq tech stocks losing around $300 billion. The catalyst was AI developer Anthropic's launch of tools automating sectors like legal and marketing, heightening concerns about AI replacing conventional IT roles. Experts warn this 'SaaSpocalypse' risks shrinking profit margins and undermining competitive positions, prompting downgrades of major software firms. Investors are reassessing valuations amid uncertainty over AI's impact on IT services growth and profitability.