AI may be a bubble, but is it already eating into Indian IT’s growth story?

Recently Anthropic's ipo prospectus was leaked and it had a **4 billion dollars** revenue last year. They are projected to have an annualized recurring revenue of **55 to 60 billion dollars** with **4.73 billion dollars** and **11.5 billion dollars** generated in Q1 and Q2 respectively. OpenAi annualized revenue run rate reached **50 billion dollars** at the end of September according to Financial Times and Bloomberg although fell short of 70 billion. Whereas if we compare it to annual revenue of top 5 Indian IT companies here's the breakdown : TCS - 30.02 billion dollars. Infosys - 20.16 billion dollars HCL - 14.70 billion dollars Wipro - 10.5 billion dollars Tech Mahindra - 6.39 billion dollars Total - 81.77 billion dollars. It's true that both frontier labs are loss making and heavily debt ridden currently but they have been able to match or even exceed the revenues compared to premium it companies and they have been able to achieve it in a time frame of 3 years since they decided to monetize their services. Also the inference cost per token is reducing at a rapid pace. So we might dispute about AI being a bubble in terms of valuation metrics but can't deny the revenue and growth story they are having. It seems as if they have consumed all the prospective growth from Indian IT companies who are barely growing at 5 - 6 percent compared to previous highs of 15 to 20 percent annually.