AI Disruption Fears: Earnings Catching Up, Structural Thesis Intact, Says Sonam Srivastava

• Sonam Srivastava, Founder of Wright Research PMS, believes AI is a margin redistributor, not a blanket threat to sectors.
• Historically, general-purpose technologies first disrupt margins, then create new profit pools; correction reflects earnings reality.
• AI will alter employment composition, not eliminate work at scale; white-collar automation is more at risk globally.
• Q3 results show selective recovery, not broad acceleration; capital goods and defense maintain visibility.
• India's capex cycle and manufacturing incentives support medium-term growth, aiming for 6.5-7% real GDP growth.