Firms in India are missing the artificial intelligence story for now, says Raisah Rasid, global market strategist at J.P. Morgan Asset Management. Indian equities have underperformed regional peers due to the lack of exposure to the AI hardware theme, Rasid says. This is partly the reason why foreign investors are pulling some funds out of the country. Indian firms have seen earnings downgrades and investors are worried that valuations aren't justified. However, once AI adoption reaches the Indian market and increases productivity, things could become more positive, she adds. (kimberley.kao@wsj.com)