HCLTech delivered one of its cleanest quarters in a while. Revenue of USD 3,724mn grew 2.3% QoQ and 2.6% YoY in constant currency, with services up 3% QoQ and 4% YoY (2.3% organic). Inorganic contribution was about USD 35.6mn, mostly from the HPE Telco Solutions deal (two months) and Jaspersoft. Growth was broadbased: five of seven verticals grew YoY, led by Retail & CPG (+14%) and Financial Services (+7.1%), while the US grew 3.5% and India 21.8%, though Europe slipped 0.3%. Bookings of USD 3.3bn, up 35% QoQ and 27% YoY, were the second-highest ever and the strongest first half on record. The real story is earnings quality. Advanced AI revenue reached USD 219mn, up 78% YoY, and now runs at USD...