Major data center stocks tumbled on April 9 as the tech-heavy Nasdaq entered the bear market territory on heightened concerns of global trade war.
Additionally, artificial intelligence giant Nvidia's stock declined 37 percent form its peak in the last 12 weeks. It touched its 52-week high on January 7, 2025 as demand for its AI chips pushed sales to fresh highs. On April 8, the stock closed at $96.3 per share, down 1.37 percent.
Nasdaq Composite has also officially entered the bear market territory, falling nearly 25 percent from its record high of 20204.58 on December 16, 2024. The index closed at 15,267.91 on Tuesday, declining 2.15 percent.
Tracing these cues, Anant Raj share price plunged 5.18 percent to an intraday low of Rs 412.6 per share on the NSE on April 9. At around 2 PM, the stock trimmed some of its losses to trade with a 3 percent cut.
The company is primarily a real estate company, however, it ventured into the data center and AI-driven solutions sector through its subsidiary, Anant Raj Cloud. The subsidiary gained further prominence after partnering with Google in July 2024 to develop AI-powered services aimed at enhancing infrastructure efficiency, productivity, and security.
Another data center stock, Black Bbox, slipped 7.08 percent to hit a low of Rs 320.85 per share.
Shares of E2E Networks and Netweb Technologies were down 4.43 percent and 3.14 percent, respectively.
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These shares had earlier plunged in January this year after China's disruptive low-cost AI-startup DeepSeek threatened the dominance of US artificial intelligence companies and triggered a rout across global tech stocks.
Meanwhile, there seems to be no respite as global markets faced high volatility after US imposed 104 percent tariff on China, after Beijing retaliated with 34 percent tariff to Donald Trump's reciprocal taxes.
Wall Street Futures were seen recouping some of the losses on Wednesday post noon, India time, after China urged for dialogue with US to resolve trade disputes, however, a confirmation from White House is still awaited on this.
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