The depreciation of the Indian rupee against the US dollar is expected to provide a revenue boost of 10-60 basis points for major IT firms in India during the fourth quarter. Companies that derive over 60% of their revenue from the US will benefit the most, as the weaker rupee enhances their reported earnings in local currency. Large players like Tata Consultancy Services (TCS) and Infosys are projected to see a 10-50 basis points lift, while smaller firms such as Zensar could experience an 80-90 basis points increase. Despite this, analysts predict a challenging quarter for the $297 billion IT services industry, with revenue growth expected to range from a 0.5% decline to 3.5% growth. In a contrasting development, Fidelity Investments has drastically reduced the valuation of Gupshup, a conversational messaging platform, by over 80% to $278 million, down from a peak of $1.4 billion in 2021. This reflects a broader trend of investors reassessing the value of older tech companies amid the rise of AI. Meanwhile, the Indian AI startup Sarvam is reportedly close to raising $300-350 million at a valuation of $1.5 billion, indicating strong investor interest in AI ventures.