Financial Data and Key Metrics Changes - The company reported a sequential revenue growth of 2.6% and a year-on-year growth of 3.8% in constant currency terms [3][5] - The guidance for revenue growth for the financial year 2026 has been revised from 0% to 3% to a new range of 1% to 3% in constant currency terms [5][10] - The margin guidance remains unchanged at 20% to 22% [5] Business Line Data and Key Metrics Changes - Large deals amounted to $3.8 billion, driven by leadership in enterprise AI and client consolidations [4] - The company has built 300 AI agents across various business areas, which are now deployed within client operations [4] Market Data and Key Metrics Changes - The U.S. market has shown flat growth, while Europe has experienced strong growth, attributed to prior investments in that region [17][19] - The company noted that Europe remains a strong market due to investments made in previous years [19] Company Strategy and Development Direction - The company is focusing on enterprise AI and has seen good traction with AI agents, which are helping clients improve decision-making and operational efficiency [4][14] - There is a strong emphasis on consolidation as clients increasingly select Infosys for their needs [14][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic changes but noted a stable outlook, with increased demand for AI and consolidation services [10][13] - The company is optimistic about future growth driven by enterprise AI and new revenue streams from deeper analytics and optimization efforts [41] Other Important Information - The company has maintained a constant headcount, with utilization at a peak of 85% [15] - A wage hike was implemented in January and April, impacting margins by 100 basis points this quarter [20][27] Q&A Session Summary Question: Why has the upper end of guidance not been raised despite strong performance? - Management explained that while performance was strong, the economic environment remains uncertain, leading to a cautious approach in guidance adjustments [10][11] Question: How much of the growth is attributed to acquisitions? - Inorganic growth contributed approximately 40 basis points to the reported 2.6% growth [12] Question: What is the outlook for hiring and productivity with AI? - Management indicated that while headcount remains flat, productivity is expected to increase due to AI, potentially reducing the need for significant hiring in the future [18][64] Question: Is there any revenue cannibalization observed? - Management noted that productivity benefits from AI are being shared with clients, but did not confirm any significant revenue cannibalization [22][23] Question: What is the impact of wage hikes on margins? - The wage hikes and higher variable pay have negatively impacted margins by 100 basis points, but pricing benefits and productivity improvements have helped offset some of this decline [27][54]

Market Trend - The market is consolidating and lifting [1]

Market Expectations & Potential Catalysts - Optimism is high for large-cap banks' Q2 earnings, with focus on loan growth and investment banking activity in the second half of the year [2][3] - IPO market recovery is seen as a potential catalyst for investment banks [3] - High valuations (e g, Bank of America trading at a PE of around 15) suggest caution going into earnings announcements [4] - Regulatory changes are a significant driver for bank stock movements this year [6] Key Metrics & Risk Factors - Net interest income growth, impacted by net interest margin, is a key focus [9] - Credit quality remains generally good, but commercial real estate office market and low FICO score consumers are potential areas of concern [8] - Risk-on sentiment suggests less concern about credit picture, while risk-off would increase focus on credit [7][8] Mergers and Acquisitions - Industry expects consolidation among regional banks due to deregulation [13] - The top 5-7 banks control 85-90% of the assets, with smaller banks controlling the rest, indicating increased polarization in banking [14] - Potential for big regionals to merge or be acquired by G-SIBs exists [15] - Clarity on Basel III endgame proposal is needed before M&A activity accelerates [15] Leadership Transition - Jamie Dimon's leadership has significantly impacted JP Morgan's stock [10] - Jamie Dimon's eventual retirement will likely negatively impact the stock on the day of the announcement [12] - Marianne Lake is considered a potential successor to Jamie Dimon [11]

Let's go to Cool Wave and cool scientific first because this is all about the need for compute. They actually hide the asset about a year ago for a much less price point. And since then core scientific shares have gone up a lot.So I think patience has paid off for them, although you might see that shares are down today. That's something we're following closely because you don't often see that in M&A, but because it's an all stock deal and core, we've is a pretty volatile stock that could be weighing on shar ...

Market Trends - The crypto industry is entering a long period of consolidation [1] - Past alt seasons are over [1] - Many of the old guard will leave the crypto space [1] Investment Strategy - The advice is to find a problem you genuinely care about solving and focus on it for 3+ years [1] - The opportunity lies in enduring the consolidation period [1]

𝗔𝗟𝗧𝗦𝗘𝗔𝗦𝗢𝗡 𝟮𝟬𝟮𝟬-𝟮𝟭➙ CONSOLIDATED FOR 15-16 MONTHS➙ CAPITULATION HAPPENED DURING MARCH CRASH➙ ENTERED AN EXPANSION PHASE AND PUMPED FOR 8-9 MONTHS𝗔𝗟𝗧𝗦𝗘𝗔𝗦𝗢𝗡 𝟮𝟬𝟮𝟰-𝟮𝟱➙ CONSOLIDATING FOR 16-17 MONTHS NOW➙ APRIL CRASH WAS THE FINAL CAPITULATIONWITH RATE CUTS AND PRO-CRYPTO REGULATION INCOMING, I THINK ALTS COULD ENTER A SUSTAINED UPTREND.IT WON'T BE LIKE 2020-21 CYCLE, BUT COULD BRING LIFE-CHANGING GAINS. ...