Jefferies strategist Christopher Wood sees India as a potential destination for money leaving AI stocks, but says a renewed clash involving Iran could damage Indian shares’ returns against peers and overall.
Wood presented this as a possible change in investor allocation in his Nov. 12 GREED & fear note, according to NDTV Profit and The Economic Times. The reports say he is concerned that technology companies are committing more capital while those outlays may bring lower returns than investors expect. In that scenario, Wood sees India as a leading emerging-market candidate.
India also has a sustained base of domestic fund demand. The Association of Mutual Funds in India (AMFI) reported net equity-fund inflows of 32,994 crore rupees (329.94 billion rupees) in October 2026, the 68th consecutive month of positive flows. That official measure records continued demand for equity funds; Wood’s thesis concerns a potential shift in global investment.
The two outlets said Wood also pointed to machinery imports as evidence that private companies may be restarting investment in equipment. The reports presented the imports as one part of his case for India.
Wood singled out the possibility of renewed conflict involving Iran as a major danger to Indian stocks, both in comparison with other markets and in overall returns, the outlets reported. NDTV Profit quoted him calling it “the biggest risk to India.” The outlet also reported his concern that escalation could push energy prices higher.
Separately, the Associated Press reported that Iranian state television said on Nov. 14 that mines had struck three oil tankers near the Strait of Hormuz. The AP account offered no detail on injuries and did not identify the vessels’ nationalities or destinations.
Wood has also argued that slower AI investment could weigh on U.S. growth and support gold if it lowered interest-rate expectations, as discussed in EconoTimes’ earlier coverage of his gold thesis.
