Infosys Limited (NYSE:INFY) stock is trading higher Tuesday as it disclosed a deal with an existing strategic client to provide AI and automation-led development, modernization, and maintenance services worth $2 billion over five years.
The company did not disclose any detail regarding the client.
Wipro Limited (NYSE:WIT) has recently disclosed plans to invest $1 billion into artificial intelligence (AI) over the next three years.
Microsoft Corp’s (NASDAQ:MSFT) big bet on ChatGPT parent OpenAI has triggered an AI war between companies which include the likes of Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, Meta Platforms Inc (NASDAQ:META), Amazon.Com Inc (NASDAQ:AMZN).
In April, INFY reported fourth-quarter FY23 revenue growth of 6.4% year-on-year to $4.55 billion, missing the consensus of $4.74 billion.
TCV of the significant deal win was $2.1 billion. Digital revenue grew 15% Y/Y in CC.
EPS of $0.18 missed the consensus of $0.19.
Price Action: INFY shares traded higher by 2.78% at $17.77 in the premarket on the last check Tuesday.
