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Today, we will talk about these stories:

  • ChatGPT has 100 million weekly users in India

  • Goldman builds an S&P without AI

  • AI gets blamed, data says slow impact

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India wants its own AI stack

Indian startup Sarvam just launched its Indus chat app, powered by a new 105 billion parameter model, and is rolling it out on limited compute. The app is live in beta on iOS, Android, and the web, two days after the company unveiled its 105B and 30B models in New Delhi.

This is less about another chatbot and more about control. India does not want its AI future fully dependent on OpenAI, Anthropic, or Google, especially when 5.8% of Claude’s usage already comes from India.

Sarvam’s $41 million war chest is small compared to U.S. rivals, but building local language models and partnerships with Nokia phones and Bosch shows a practical strategy.

If Indus gains traction, it gives policymakers proof that domestic AI infrastructure is possible, even if it starts with waitlists and tight compute limits. It also puts pressure on global players to treat India as a core market, not just a growth stat on a slide.

The real test is simple: will Indian users switch when the global apps already work?

AI stocks now make up about 45% of the S&P 500

Goldman Sachs just launched an S&P ex-AI index, ticker SPXXAI, that strips out companies tied to AI and automation. Over the past three years the S&P is up 76%, while this AI free version is up 32%.

This tells you how crowded the AI trade has become. When nearly half the benchmark is tied to one theme, investors start looking for a way to step back without selling everything.

Goldman is packaging that anxiety into a product and calling it diversification, which is a smart move when clients are uneasy but still want to stay in the market.

If money starts flowing into products like this, it signals investors think the AI run has stretched too far, too fast. It also quietly admits the S&P 500 no longer feels like a broad snapshot of the economy.

If you have to remove half the index to feel diversified, what does that say about the index itself?

Nearly 55,000 layoffs in 2025 were tied to AI

Image Credits: The Hindu

Layoffs crossed 108,000 in January alone, and executives from Citigroup to UPS have pointed to automation and AI as part of the reason. Sam Altman said at the AI Impact Summit in New Delhi that some of this is “AI washing,” meaning companies are blaming the tech for cuts they already planned.

He is probably right. The employment data still does not show broad job loss in roles most exposed to AI, even as CEOs talk about reshaping work and trimming headcount.

There is real pressure in junior roles, with a 13% drop in early career jobs since 2022, and that deserves attention without turning every round of cost cutting into a story about robots taking over.

If leaders keep pointing to AI, it gives them cover during uncertain economic cycles and immigration shifts that are harder to explain on an earnings call.

But if displacement accelerates, executives will not be able to hide behind vague language for long. When the next layoff memo cites AI, will the numbers back it up?

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