Wall Street Just Sold Off These IT-Services Stocks on AI Fears. Is the Sell-Off Overdone?
Is AI disrupting these businesses?
Wall Street Just Sold Off These IT-Services Stocks on AI Fears. Is the Sell-Off Overdone?
Overview
Shares of Accenture (NYSE: ACN) cratered about 18% on June 18 -- the consulting giant's worst single-day drop on record. What spooked investors wasn't the quarter. It was the outlook, and the fear behind it.
And Accenture didn't fall alone. EPAM Systems (NYSE: EPAM) slid about 9% the same day without reporting anything of its own. The worry driving this sell-off? The risk of artificial intelligence (AI) threatening the work these firms get paid for.
Details
So is AI structurally shrinking demand for IT services, or is this an overreaction?
Source
Originally published at www.fool.com.
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