Cognizant CEO Dismisses Anthropic AI Threat to IT Services

• Cognizant CEO Ravi Kumar S calls fears of Anthropic AI disrupting IT services "misplaced."
• IT stocks saw a sharp selloff, wiping out Rs 2 lakh crore from Indian IT companies, after Anthropic's Claude Cowork raised concerns about AI replacing IT tasks.
• Kumar argues that if AI truly replaced IT services, enterprises would have already seen significant gains, which hasn't happened.
• He emphasizes that enterprise AI adoption is complex, requiring integration with legacy systems and workflow redesign, ensuring continued demand for IT services.
• Cognizant reported strong Q4 revenue of $5.3 billion, up 4.9% year-on-year, and full-year revenue of $21.1 billion, up 7%.