AI to cut IT costs but boost overall tech spending: Axis AMC CIO Ashish Gupta

• Axis AMC CIO Ashish Gupta states AI will reduce per-unit IT costs but increase total technology spending for companies.
• Companies will need to modernize legacy systems, addressing "technology debt," creating significant opportunities.
• Gupta expects 13-14% earnings growth next year, up from 6-7%, with improved confidence in recovery.
• He foresees better double-digit loan growth in banking due to economic pickup and strengthening indicators.
• Gupta sees momentum in financials, autos, discretionary consumption, power, and defence, but remains cautious on IT.