Cognizant Technology Solutions Corp

Cognizant's FY2023 10-K reports full-year revenue of $19,353M. Notably, the strategic priorities have evolved: 'Capturing the AI opportunity' is now one of six explicit strategic initiatives, along with 'Continuing to implement our IT roadmap - continuing to modernize and execute critical projects necessary to lead with AI.' This represents a meaningful strategic pivot toward AI compared to 2022's 'Accelerating digital' framing. However, this is aspirational language with zero AI revenue quantification. The segments remain industry-based with no AI breakout. Given the explicit strategic emphasis on AI and the general ramp of GenAI consulting demand in the IT services industry in late 2023, I modestly increase the estimate to 1.5% to reflect the likely beginning of GenAI advisory/implementation engagements, while acknowledging this remains highly uncertain without any disclosed AI-specific financial data.