Wall Street’s fears around artificial intelligence-driven disruption affecting software companies made their way into Asia on Wednesday, with tech stocks in the region tracking declines overnight in U.S. peers.
Japanese software firms in Asia led declines in the region. TIS, a major Japanese information technology services provider and systems integrator, plunged over 15%. Trend Micro lost over 8%, while NS Solutions declined nearly 7%.
Shares of IT companies in India, Asia’s software powerhouse, dropped, with the the Nifty IT index down nearly 6%. Major IT companies such as Tata Consultancy Services and Infosys dropped 5.8% and 6.2% respectively.
Indian IT companies were among the top gainers on Tuesday, following the announcement of the country’s trade deal with the U.S.
Chinese software companies also saw a sell-off. Shares of China’s Kingdee International Software plunged more than 15%, while cloud major Tencent fell 3.27%. Alibaba lost over 1%, while Baidu was down over 2%.
