The global artificial intelligence (AI) trade is showing signs of stress after a sharp selloff in some of the biggest market winners of the past year. But in India, investors are still treating AI as a real opportunity. The Indian market is not buying AI mainly through software companies, but is betting on the proxy plays like data centres, power equipment, transformers, cables, cooling systems among others.
Globally, the Nasdaq is close to a 10% correction and the Philadelphia Semiconductor Index, a key gauge for chip stocks, has slipped into a technical bear market. Meanwhile, South Korea's Kospi has crashed 44% from its June peak, becoming the clearest face of the global AI rout after a steep rally.
