IT Stocks Crash: AI Threatens Sector, Wipes Out $104 Billion Market Cap

• Nifty IT index plunges 4.91%, with 75 Indian IT companies losing over $100 billion in market value in a year, exceeding Sri Lanka's GDP.
• Brokerages like Jefferies and CLSA warn of AI's impact on business models, revenue structures, and rising hardware costs.
• CitriniResearch's report, 'The 2028 Global Intelligence Crisis,' labels AI a system-level threat, questioning job creation patterns.
• Jefferies predicts AI could shift IT business towards consulting, reducing managed services revenue, making the sector more cyclical.
• JPMorgan offers a counter-view, stating AI won't easily end IT services demand due to the complexity of integrating large enterprise systems.