AI bigger risk to IT workers than companies, says Marcellus’ Pramod Gubbi

Marcellus Investment Managers' Pramod Gubbi says AI is a bigger risk to IT workers than to IT companies, as deflationary effects disrupt the business model. He notes valuations are no longer as compelling after the sharp rebound from March lows, with West Asia tensions and oil prices posing risks to earnings recovery. The fund manager is bullish on healthcare across hospitals, diagnostics, pharma and APIs, sees opportunities in Indian manufacturing exports aided by a weaker rupee, and views IT and FMCG as facing structural challenges from AI/GCCs and private labels/D2C brands respectively.