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.
(This is a developing story.)
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