Cognizant’s AI Leader Responds to Trillion-Dollar Stock Market Losses Sparked by Anthropic’s Claude AI Tools

Cognizant’s chief AI officer, Babak Hodjat, has labeled fears of AI disrupting IT services as “overblown,” despite industry turbulence following Anthropic’s Claude AI tools, which reportedly erased over a trillion dollars from the stock market. In a Reuters interview, Hodjat emphasized that businesses still require substantial support for AI deployment and integration. He highlighted that a universal AI agent is far from realization, noting, “That mapping is our job.” With significant growth in AI-driven transformation, Cognizant anticipates revenues to surpass Wall Street forecasts. Meanwhile, competitors like TCS and Wipro are also optimistic about AI boosting demand for software services rather than diminishing it. Although job reductions are evident, as seen with WiseTech Global’s layoffs and TCS’s prior announcements, Cognizant remains committed to augmenting its workforce, hiring 25,000 fresh graduates in 2025. Hodjat affirmed that nearly all clients have begun experimenting with AI but need support for effective implementation.

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