AI is beginning to make a dent in the business models of India’s big four technology services giants Infosys, HCL, TCS, and Wipro have all announced quarterly results in the last ten days, and all had mixed news. HCL, for example, told investors annual revenue grew 11.2 percent for FY 2026, and headcount rose almost two percent. But the company also pointed to “AI deflation” that CEO C. Vijayakumar explained means future revenue will dip between three and five percent in the coming year, and perhaps further in the future. Infosys CEO Salil Parekh said he expects deflation to become a factor in the future, but predicted the company will continue to grow this year after last year brought 3.1 percent revenue growth. Wipro CFO Aparna Iyer pointed to lower margins in some deals, and a need “to drive operational improvement that is a continuous process” despite the company posting four percent annual revenue growth.…