Infosys (INFY)

The sleeper story is that Infosys finally gave us a map of their AI strategy with 6 specific value pools and 4,600 projects, but the stubborn refusal to quantify AI revenue while peers are putting up numbers suggests they're behind on monetization despite all the activity metrics. The headline 55% surge in large deals to $4.8B looks impressive until you realize net new quality dropped to 57% and sequential growth decelerated to just 0.6%, indicating this is more about defending share than winning new logos. The binding constraint is their massive fresher intake of 20,000 creating utilization pressure and margin headwinds just as growth decelerates, forcing them to bet on an FY27 acceleration that isn't yet visible. Salil's claim that they're 'uniquely positioned' in AI rings hollow when he admits 'we will share a comprehensive view at an Investor Day later', which is code for 'we're still figuring this out.' My view changes if they show AI revenue growing faster than overall revenue next quarter, proving monetization is actually working.