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I got a question last week from Rajiv Tandon, a Value Research member since October 2017. He’s worried. He has a substantial investment in two technology funds, HDFC Technology and Tata Digital India and wants to know whether to cut his losses and move on, or stay the course. I suspect many of you are asking the same question. Tech sector funds have been punishing lately, down roughly 14 per cent year-to-date and about the same over the past year. And the fear driving this is real: if AI can write code, what happens to the Indian IT services model that has employed millions and minted fortunes for two decades? I’ve been thinking about this deeply. In my recent piece, ‘The Many Worlds of AI’, I argued that we’re making a basic mistake: we treat AI as one sweeping force moving at the same speed across every industry. It isn’t. Yes, AI is changing software development. That part is real and happening now. But Indian IT services companies aren’t
This article was originally published on February 24, 2026.
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