Raymond James’ Matt Orton turns bullish on ICICI Bank, expands AI-focused bets in India

Matt Orton, Chief Market Strategist at Raymond James, rejigging his India portfolio to capitalise on the artificial intelligence (AI) theme — adding exposure to tech-enabled companies such as Affle 3I and One 97 Communications, which operates Paytm, a payments platform.

The comment from the Florida-based investment bank, with over $1.6 trillion of assets under management at the end of June, is significant considering India’s stock market valuations have been capped by the lack of listed companies building AI products and services.

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