AI Tsunami, Not Tariffs, Bigger Worry for India IT Services: Nilesh Shah

• Nilesh Shah of Kotak Mahindra AMC states AI's impact on India IT services is a greater concern than tariffs, potentially affecting jobs, consumption, and urban spending.
• The Supreme Court verdict limited Trump's tariff powers, but he quickly imposed new 15% global tariffs, creating market uncertainty.
• India receives partial relief from tariff changes, improving its relative position, but the situation remains fluid with potential new levies.
• Shah highlights AI disruption as a major structural factor, warning of job losses and economic instability if not managed well, but also sees opportunities.
• Key market challenges include investor adaptation to moderate returns; potential triggers are earnings surprises, rate cuts, policy continuity, or global trade deals.