Infosys, Wipro ADRs, Cognizant, Accenture Surge Up To 5% As IT Defies Wall Street Slump

The American depositary reciepts (ADR) for information technology stocks saw a surge of up to 5% on Monday, despite the slump in semiconductor companies's shares.

The ADR for firms like Infosys and Wipro increased by 2% while the ADR for Cognizant, ServiceNow and Accenture increased by 4%.

This development comes after shares of notable semiconductor brands such as SK Hynix, Nvidia, Intel, Micron, AMD and Sandisk were in the red, slumping up to 8% during early market trade on Monday.

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The slump came shortly after a major announcement from Anthropic's Chief Executive Officer (CEO) Darius Amodei and OpenAI CEO Sam Altman announced plans to slow down the pace of artificial intelligence development in order to accommodate for safety protocols and frameworks.

Shares of Intel Corp. were trading 8% lower when US markets opened.

US Senator Bernie Sanders also urged US President Donald Trump and Chinese President Xi Jinping to pause the development of advanced artificial intelligence, including superintelligent AI.

ALSO READ: Micron, Intel, AMD, SanDisk Slump Up To 8% As Chip Trade Flips On AI CEOs' Slowdown Call

Sanders, who has introduced legislation seeking to prohibit superintelligent AI, said stronger action was needed. "When you are racing towards a cliff, you don't just ease up on the gas pedal. You hit the brakes," he said.

Microsoft further issued a code of conduct to restrict AI models, according to a CNBC interview with a Microsoft exectuvie on Monday. The software tech giant started that guidelines for about five months. The company will also be setting limits for future AI models. 

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