Infosys shares free fall after losing AI deal
By MYBRANDBOOK
The Infosys shares fall by as much as 3% on December 26, 2023, after the company announced the termination of a $1.5 billion Memorandum of Understanding (MoU) with a global company focused on artificial intelligence (AI) solutions.
Infosys had plans to elevate digital experiences and deliver business operation services through the company’s platforms and AI solutions. The 15-year deal, which was signed in September 2023, would have seen Infosys providing the unnamed company with a range of AI-powered services, including enhanced digital experiences and business operation support. However, the company decided to terminate the MoU for undisclosed reasons.
It was a 15-year deal signed in September 2023. The deal termination comes at a time when IT and tech companies globally are facing uncertainties and challenges. This comes just two weeks after Nilanjan Roy, the company's former CFO resigned . The deal termination comes at a time of both challenges and opportunities for Infosys.
The IT and tech sectors globally are facing uncertainties due to factors such as the ongoing economic slowdown and the war in Ukraine. The termination of the long term contract raises questions about the challenges and uncertainties facing IT and tech companies globally.
IT companies worldwide are grappling with uncertainties that include supply chain disruptions, geopolitical tensions, and changing client priorities. Analysts are divided on the potential impact of the deal termination on Infosys.
Some believe that it could be a significant setback for the company, while others argue that it is a minor bump in the road and that Infosys is well-positioned to weather the storm. However, it is clear that this is a significant event for the company, and it will be worth watching how it unfolds in the coming months.
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