Core Points - The Trump administration's $100,000 fee for new H-1B workers from outside the US is expected to significantly impact the IT outsourcing and staffing industries, which have been targets for both political parties [1] - Multinational staffing firms, such as Tata Consultancy Services, Infosys, and Cognizant, will be disproportionately affected, with nearly 90% of new H-1B hires at these companies approved at US consulates [2] - The fee could lead to a steep decline in visa demand and an increase in the placement of workers overseas, as companies adjust their hiring strategies in response [4][10] Industry Impact - The fee will impose substantial costs on major IT firms, with Infosys facing over $1 billion in visa charges for more than 10,400 workers, Tata for 6,500 workers, and Cognizant for over 5,600 workers [3] - The IT consulting industry has already reduced new H-1B applications since 2024, and the new fee is likely to accelerate the trend of offshoring jobs [10] - Companies are expected to increase investments in countries like India, which is a primary source of H-1B workers, to access talent more cost-effectively [10] Hiring Strategies - Many employers are proactively adjusting their hiring plans in anticipation of the fee, with some planning to opt out of registering workers who would require visa processing at consulates [14] - The upcoming visa lottery in April will serve as an early indicator of how the fee and proposed lottery changes will affect the skill and wage levels of applicants [13] - The combination of the $100,000 fee and potential lottery reforms could reduce entries in the next lottery by 30% to 50%, reshaping market behavior regarding H-1B applications [15]

President Donald Trump’s $100,000 price tag for new H-1B workers hired from outside the US will have punishing effects for the IT outsourcing and staffing industries that have long been a target of both parties.The fee is the biggest restriction the Trump administration has imposed so far on employment of skilled foreign workers.A Bloomberg News analysis found it will have a disproportionate impact on multinational staffing firms that act as middlemen for companies seeking H-1B workers. Those middlemen incl ...

 US President Donald Trump’s $100,000 price tag for new H-1B workers hired from outside the US will have punishing effects for the IT outsourcing and staffing industries that have long been a target of both parties.The fee is the biggest restriction the Trump administration has imposed so far on employment of skilled foreign workers.A Bloomberg News analysis found it will have a disproportionate impact on multinational staffing firms that act as middlemen for companies seeking H-1B workers. Those middlemen ...

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Core Insights - Microsoft has formed partnerships with four major Indian IT companies—Cognizant, Infosys, TCS, and Wipro—to accelerate the adoption of agentic AI [1][3] - These companies will collectively deploy over 200,000 Microsoft Copilot licenses, marking a significant milestone in enterprise-scale AI adoption [2] - Microsoft plans to invest $17.5 billion in cloud and AI infrastructure in India from 2026 to 2029 [2] Microsoft-India Alliance - The collaboration aims to embed AI into core operations, transforming how organizations operate and innovate [3] - Companies are becoming Frontier Firms by redesigning workflows around human-agent collaboration, impacting various functions such as delivery, sales, finance, HR, and customer engagement [3][5] Cognizant's Role - Cognizant is expanding its partnership with Microsoft to make GenAI and Copilots available to millions, enhancing enterprise operations and employee experiences [7] - As "client zero" for Copilot, Cognizant aims to refine AI solutions for greater value and innovation [7] Infosys Initiatives - Infosys is implementing one of the largest Copilot deployments, enhancing productivity and decision-making through AI integration [9] - The collaboration with Microsoft is strategic, shifting Infosys to a human+ agent powered AI-first enterprise [11] TCS Developments - TCS is transforming its Sales, HR, and Finance functions through AI, providing personalized AI coaching to all employees [12] - The partnership with Microsoft supports the digitization of processes and autogeneration of code [12] Wipro's Strategy - Wipro is launching the Microsoft Innovation Hub to advance its Frontier Firm ambition, deploying over 50,000 Copilot licenses [13] - The collaboration focuses on embedding agentic AI across workflows to enhance customer experience and productivity [13][14]

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Core Insights - Infosys Ltd is the only major IT services company that has increased its US lobbying expenditure over the past five years, while competitors like Tata Consultancy Services (TCS), Cognizant, and Wipro have reduced their spending [1][19] - The US government, which constitutes a significant portion of revenue for these companies, has tightened labor mobility and restricted access to foreign workers, prompting a shift in lobbying strategies [2][19] Lobbying Expenditure - Infosys spent $270,000 on lobbying in the first nine months of the year, an increase from $240,000 in 2020 [2] - In contrast, TCS and Cognizant reported declines in lobbying expenditures, spending $670,000 and $1.7 million respectively in the first nine months of 2025, down from $750,000 and $3.15 million in 2020 [3] - Wipro's lobbying costs decreased from $210,000 in 2020 to $90,000 in 2022, and it has not engaged lobbying services since then [3] Industry Trends - The overall lobbying spending by major Indian IT firms, including Nasscom, has been declining since 2020, with Nasscom spending less than one-tenth of its 2020 expenditure of $700,000 in the first nine months of 2025 [4][5] - Collectively, the largest IT services companies and Nasscom spent $2.7 million on lobbying, which is less than 1% of their revenue and significantly lower than the $5.05 million spent in 2020 [6] Strategic Shifts - The decline in lobbying costs is attributed to an increase in local hiring and a shift towards offshore delivery and AI utilization, reducing dependency on large onshore workforces [11] - The political climate has changed, making lobbying less effective, leading firms to focus on structural changes rather than political influence [12] Key Issues in Lobbying - H-1B visa regulations remain a central lobbying focus for the top three IT service providers, with TCS and Cognizant highlighting immigration-related issues in their lobbying reports [13][14] - Recent changes in H-1B application fees and scrutiny over hiring practices have intensified the need for lobbying among these firms [15][16][17] Conclusion - Infosys stands out for increasing its lobbying efforts amidst a general decline in political spending by its peers, reflecting a strategic pivot in response to stricter US labor mobility rules and a focus on local hiring and AI-driven models [19]

Core Viewpoint - The comparison between Epam (EPAM) and Infosys (INFY) indicates that EPAM currently offers better value for investors based on its stronger earnings estimate revisions and more attractive valuation metrics [1][3][7]. Valuation Metrics - EPAM has a forward P/E ratio of 16.34, while INFY has a forward P/E of 21.69, suggesting that EPAM is more undervalued [5]. - The PEG ratio for EPAM is 2.00, compared to INFY's PEG ratio of 2.86, indicating that EPAM has a better expected EPS growth rate relative to its valuation [5]. - EPAM's P/B ratio stands at 2.78, significantly lower than INFY's P/B of 6.13, further supporting EPAM's valuation attractiveness [6]. Analyst Outlook - EPAM holds a Zacks Rank of 2 (Buy), reflecting a more favorable earnings estimate revision trend compared to Infosys, which has a Zacks Rank of 3 (Hold) [3][7]. - The stronger estimate revision activity for EPAM suggests a more positive analyst outlook, making it a more appealing option for value investors [3][7].

Core Insights - The article discusses how AI is transforming India's core competitiveness, particularly in the IT sector, which has historically relied on a labor arbitrage model [4][10]. Group 1: The Rise of India's IT Industry - India's IT industry has contributed up to 7% of GDP over the past 30 years, despite employing only 1% of the workforce, making it a key economic engine [7]. - The "Y2K" crisis in 1999 provided a unique opportunity for Indian IT companies to take on labor-intensive coding tasks at competitive prices, leading to significant growth [12][14]. - From 2000 to 2010, India's IT service exports surged from approximately $4 billion to nearly $50 billion, with the industry's GDP contribution rising from 1.2% to 6.1% [20][21]. Group 2: Impact of AI on the IT Sector - AI is threatening the traditional labor arbitrage model, with predictions that a $1 billion AI service company may only need 1,000 employees, compared to nearly 30,000 for a traditional IT company [9][23]. - Major Indian IT firms have collectively reduced their workforce by over 60,000 in the past year due to AI's impact, leading to a hiring freeze across the industry [9]. - The shift from a labor-intensive model to an "intelligent leverage" model is evident, where a few top AI engineers can achieve outputs previously requiring thousands of workers [24]. Group 3: Strategic Responses from Indian IT Giants - Indian IT giants like TCS, Infosys, and Wipro are pivoting towards AI-driven strategies, moving away from reliance on human labor to enhance productivity through AI tools [32]. - TCS has developed the ignio™ AIOps platform, which has reduced IT operational costs by 15% and automated 58% of incidents [33]. - The industry is also focusing on reskilling employees, with TCS training over 600,000 staff in AI skills, aiming to adapt to the new technological landscape [34]. Group 4: Challenges and Government Initiatives - The Indian government has launched the "IndiaAI Mission," planning to invest over ₹10.37 billion (approximately $1.2 billion) to build AI infrastructure and support startups [48]. - The initiative includes establishing a vast computing network with at least 38,000 GPUs to alleviate computational bottlenecks [49]. - However, challenges remain, including a lack of high-end GPU production, a talent gap at the top levels of AI expertise, and insufficient venture capital for foundational model research [42][43][45]. Group 5: Lessons for China - India's IT transformation offers strategic insights for China, emphasizing the need to build a robust foundation in core technologies rather than relying solely on application-level success [58]. - The article suggests redefining talent development to focus on AI literacy and interdisciplinary education to prepare a workforce capable of collaborating with AI [61]. - It also highlights the importance of creating a symbiotic ecosystem between large enterprises and innovative SMEs to foster growth and prevent monopolization of data and computational resources [64].