Indian IT stocks such as Infosys Ltd, Tata Consultancy Services (TCS) and Wipro Ltd, which had recently gained on hopes of a global shift away from AI stocks, fell on Tuesday amid Anthropic's planned IPO and Meta Platforms Inc's announcement that it was seeking $95 billion through equity offerings, raising fears that hopes of a 'reverse AI' trade may be premature.

"The artificial-intelligence theme received a fresh boost after Anthropic filed for an initial public offering on the Nasdaq. Semiconductor stocks rallied sharply, with the iShares Semiconductor ETF (SOXX) rising nearly 3 per cent. Nvidia gained 2.4 per cent, Micron 3 per cent, Broadcom 2.3 per cent and AMD 2.8 per cent," said Nandish Shah, Deputy Vice President at HDFC Securities.

Shah noted that Asian markets also gained on Tuesday amid renewed investor appetite for AI-related stocks. South Korea’s Kospi and Japan’s Nikkei 225 were trading with gains of 2 per cent and 4 per cent, respectively.

Among NSE IT index constituents, Infosys fell 2.31 per cent to Rs 1,139.05 and was the worst index performer. It was followed by Tata Consultancy Services (TCS), Coforge Ltd and Persistent Systems Ltd, which fell 2.09 per cent, 1.66 per cent and 1.54 per cent, respectively. Wipro, Mphasis, HCL Technologies Ltd and Tech Mahindra declined over 1 per cent each, as all the 10 index stocks traded in the red.

Infosys was particularly down as at least four brokerages cut their ratings on the stock in a single day.

Indian IT stocks have been under pressure this calendar year amid the ongoing global investments in artificial intelligence (AI). IT spending has been shifting towards AI infrastructure, tokens, AI-enabled software, cybersecurity, data readiness and modernisation, while traditional maintenance, support and other effort-based services have faced increasing pricing pressure. While there are hopes that high borrowing costs will bring the investment phase to an end and kick off a phase of maintenance and support, Wall Street demand suggests the otherwise.

Anthropic, which was valued at $965 billion in the last funding round, reported a net loss of $80.7 billion in the first half of 2026 on revenue of $16.3 billion. Anthropic reported a 1,000 per cent year-on-year (YoY) jump in revenue in 2025 but does not expect its revenue to grow at comparable rates in the future.