New Delhi, Jan. 7 -- India is emerging as a key beneficiary of the global artificial intelligence (AI) investment cycle, but in a manner distinct from hardware and semiconductor-led markets, according to a recent outlook by Jefferies.

The brokerage describes India as a "reverse AI trade", arguing that the country stands to gain primarily through productivity enhancement, cost arbitrage and services-led adoption rather than capital-intensive AI infrastructure spending.

Jefferies noted that while AI-related capital expenditure is heavily concentrated in the United States and parts of Northeast Asia, India's exposure is skewed towards downstream usage. This positions Indian corporates to benefit from AI-driven efficiency gains without bear...