What's Going On With Infosys Stock Tuesday?

Infosys Limited 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 WIT has recently disclosed plans to invest $1 billion into artificial intelligence (AI) over the next three years.

Microsoft Corp's MSFT big bet on ChatGPT parent OpenAI has triggered an AI war between companies which include the likes of Alphabet Inc GOOG GOOGL Google, Meta Platforms Inc META, Amazon.Com Inc 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.