New Delhi, Feb. 22 -- Artificial intelligence (AI) has come for the software industry. Since early January, software stocks across the world have tumbled sharply on investor fears that much of the business that software companies do will be taken over by AI, and by new AI giants such as Anthropic and OpenAI, among others. These companies, along with the currently dominant tech giants such as Google and Microsoft, have committed hundreds of billions of dollars of investment in the space. The fear is that such massive investments in the AI sector will give them an unshakeable advantage in the coming years, and traditional software companies would be left far behind.

In India, between 1 January and 20 February, even as the benchmark Nifty 5...