Persistent Systems CEO: AI Not a Bubble, Chipmakers in 'Supercycle', IT Services to Drive AI Growth

• Persistent Systems CEO Sandeep Kalra states AI is not a bubble, but chipmakers are in a "supercycle."
• Kalra identifies chip manufacturers (Nvidia, AMD) and ecosystem supporters (Broadcom) as short-to-medium term AI gainers.
• Hyperscalers (Microsoft, Google, AWS) are monetizing AI, while IT services firms are long-term winners by integrating AI into business contexts.
• Kalra projects AI-native work could constitute 30-40% or more of IT services revenues in 3-5 years.
• He downplays the depreciating Indian rupee's impact, emphasizing that building strong AI capabilities is crucial for industry growth.

Why It Matters: AI is a long-term growth engine, not a bubble, creating future industry value.