# HCL Technologies Stock Analysis: Business Model, Growth Outlook, Risks & Scenarios

> This investment thesis examines HCL Technologies (BSE: 532281), a leading software and IT consulting company, across its business model, management quality, key risks, future growth opportunities, and scenario-based outlook. The analysis offers investors a structured view of HCL Technologies’ competitive position, growth potential, and factors that could influence its long-term performance in the technology sector.

**Companies**: HCL Technologies
**Sectors**: Technology
**Published**: 2026-09-23
**Last Updated**: 2026-09-23
**Source**: https://thesisloop.ai/thesis/hcl-technologies-stock-analysis-business-model-growth-outlook-risks-scenarios-a01ae345-95ee-409a-a650-c5bc5e4dba26

## Score Overview

| Company | Management | Business Model | Future Growth | Risk |
|---------|-----------|---------------|--------------|------|
| HCL Technologies | 58/100 | 64/100 | 65/100 | 76/100 |

## HCL Technologies (BSE:532281)

**Sector**: Technology | **Industry**: Computers - Software & Consulting

### Management Credibility

- **[CATALYST] Generative AI Enterprise Adoption Wave** (NEUTRAL, IN_PROGRESS): The company reports multiple AI and GenAI engagements, including AI-led modernization, automation, AI labs and physical-AI deployments. The document does not quantify achievement of the previously stated 25%–30% efficiency-improvement target for the specific telecommunications engagement. (4 in progress across 4 tracked commitments)
  > We had launched AI Force 2.0 beta in the previous quarter, which is an agentic platform delivering service transformation offerings. We are seeing excellent results, and we expect to launch GA soon.
- **[METRIC] Constant Currency Revenue Growth** (NEGATIVE, MISSED): Management delivered the promised guidance increase, raising Services growth guidance above the earlier 4%-5% range. (1 exceeded, 2 missed, 2 revised across 5 tracked commitments)
  > On the back of a standout quarter and sustained growth momentum, we are raising our full year services revenue growth guidance to 4.75% to 5.25% in constant currency terms
- **[METRIC] Total Contract Value of Large Deals** (NEUTRAL, IN_PROGRESS): The document evidences continued pursuit and conversion of large, multi-year modernization and managed-services engagements, including strategic IT partnerships and infrastructure modernization. It does not specifically confirm delivery across 160 countries and 275 data centers or provide a completion timeline for that opportunity. (2 in progress, 1 exceeded across 3 tracked commitments)
  > But if you take some kind of a moving average over 3 quarters, 2 quarters, then I think we should be hitting that number. That's what I expect.
- **[PRINCIPLE] Deal Win Rate and Conversion** (NEUTRAL): Increase the net-new bookings run rate from approximately $2 billion toward approximately $2.5 billion. — target: Approximately $2.5 billion net-new bookings run rate
  > Yes, we had mentioned that we want to up our run rate from $2 billion to in and around $2.5 billion. That is something which we have been working with a lot of rigor and science behind it. We think we will get there soon. ... But on a run rate basis, we feel good about achieving.
- **[PRINCIPLE] Platform and IP-Led Revenue Share** (NEUTRAL, IN_PROGRESS): Deployment is progressing, but management disclosed deployments across 60 priority accounts, below the previously stated 100-client goal. (1 in progress across 1 tracked commitment)
  > I would also like to mention that we are working towards the goal of leveraging our AI Force platform to 100 of our top clients.
- **[TREND] AI-Led Revenue Model Transformation** (POSITIVE, MET): Management reported measurable productivity improvements from AI-led modernization, but the specific 25%–30% telecommunications efficiency target from the prior commitment was not directly validated in this transcript. A European retailer program using AI Force is delivering 30%–40% higher developer productivity, exceeding the stated efficiency range for that disclosed engagement. (1 in progress, 1 met across 2 tracked commitments)
  > On offerings, our AI Force platform, we launched v2.0 beta release with GA planned in January 2026.
- **[TREND] Cloud Migration and Managed Services Growth** (NEUTRAL, IN_PROGRESS): The current document provides evidence of continued multi-year modernization and support activity, including renewed and expanded multi-year digital-transformation engagements and modernization using HCLTech platforms. However, it does not specifically identify the earlier VoltMX/DX Compose engagement or quantify completion against the five-year scope. (3 in progress across 3 tracked commitments)
  > We believe in the next five years, the entire installed base of private data centres will get technology refreshed. However, we haven't started seeing much of traction yet on that front. But this is something we expect will be a good growth driver.
- **[TREND] Margin Stability Despite Wage Pressure** (NEGATIVE, MISSED): FY26 EBIT-margin guidance was reiterated at 17.0%–18.0%. Q2 FY26 EBIT margin was 17.5%, within the guided range, although the full-year target remains outstanding. (4 in progress, 1 revised across 5 tracked commitments)
  > We have indicated that for the full year, we will have an impact of 50 basis points on our margins. This is a one-off restructuring cost this year. And we expect the similar kind of impact in Q4 also. Our endeavour is to finish this exercise by Q4 and start the new financial year on a clean state.
- **[TREND] Strategic M&A for AI-Native Capabilities** (NEUTRAL): Expand telecom engineering capabilities and client access through the acquisition of HPE's Telco Solutions Business. (+1 more commitment)
  > We are doubling down on Telco Solutions to gain more industry-leading intellectual property aligned with our nonlinear growth aspirations and enhanced product engineering and R&D capabilities, and deepen existing client relationship, as well as gain new relationships with top global communication se
- The FY26 full-year EBIT margin is not explicitly disclosed in this Q1 FY27 release. However, the reported FY26 quarterly margins were 17.5% in Q2, 19.4% in Q3 and 17.7% in Q4, with Q3 affected by a one-time New Labour Codes item. The document does not provide sufficient evidence to confirm the full-year 17%-18% target was met; Q1 FY27 performance cannot be used as FY26 delivery evidence. (1 missed across 1 tracked commitment) (NEGATIVE, MISSED)
  > EBIT margin to be between 17.0% - 18.0%

### Business Model

- **[CATALYST] Generative AI Enterprise Adoption Wave** (POSITIVE, Change: EXPANDING): HCLTech's AI and intellectual-property engine strengthened significantly. Advanced AI revenue grew 62.1% year on year in constant currency and 10.6% sequentially to $171M. Patent filings and grants also continued, while HCLSoftware ARR improved from 1.3% growth in Q1 FY26 to 2.0% in Q1 FY27. (1 expanding)
  > Advanced AI Revenue $171M ... ↑10.6% QoQ CC ↑62.1% YoY CC; ARR Growth YoY CC 1.3% ... 2.0%
- **[CATALYST] US Enterprise IT Budget Recovery** (NEUTRAL, Change: SHIFTED): The USA remained the largest Services geography, but its share declined from 59.6% to 56.5%. Growth was only 0.5% year on year in constant currency, making the geographic mix less concentrated in the USA. (2 contracting, 2 stable, 1 shifted)
  > USA 59.6% 57.4% 56.5% 0.5%
- **[METRIC] Constant Currency Revenue Growth** (POSITIVE, Change: EXPANDING): IT and Business Services remained HCLTech's largest business line. Its revenue share was broadly stable within this document, moving from 74.6% in Q2 FY25 to 74.2% in Q2 FY26, while constant-currency growth improved to 3.8% year on year. Versus the later Q1 FY27 baseline share of 75.3%, the segment expanded its share over time. (5 expanding across 2 engines)
  > IT and Business Services (A) 74.0% 75.0% 75.3% 4.2% 0.0%
- **[METRIC] Digital Revenue as Percentage of Total** (POSITIVE, Change: EXPANDING): Digital revenue was a major growth engine, growing 15.2% year on year in constant currency and reaching 41.6% of Services revenue. This was a meaningful positive shift toward higher-value digital work, although the document does not provide an earlier digital-share figure for a direct share comparison. (1 expanding)
  > Digital Revenue up 15.2% YoY CC; contributes 41.6% of Services
- **[METRIC] Total Contract Value of Large Deals** (NEUTRAL, Change: STABLE): HCLTech's workforce and customer scale expanded. Employees increased from 219,401 to 223,151, while the number of $50M+ clients rose from 48 to 54 and $20M+ clients from 133 to 144. This supports stronger ability to win and deliver large, multi-country contracts. (1 expanding, 3 stable)
  > Total People Count ... 30-Jun-26 223,889 ... 18 patents were filed and 14 were granted in Q1 FY27.
- **[PRINCIPLE] Platform and IP-Led Revenue Share** (NEGATIVE, Change: CONTRACTING): HCLSoftware represented approximately 9.1% of Q2 FY26 revenue ($333M of $3,644M), versus 8.6% in the Q1 FY27 baseline. The segment contracted 3.7% year on year in constant-currency terms in Q2 FY26, while the baseline reported a larger 5.3% decline. Therefore, the segment share increased slightly, but the business remained in contraction. Within Software, subscription, support and professional-services revenue grew 8% year on year, while perpetual-license revenue declined. (2 expanding, 3 contracting across 1 engine)
  > Perpetual License Upfront & Others 19; Subscription & Support 274; Professional Services 20; Total Revenue 313
- **[PRINCIPLE] Sub-Contracting and Third-Party Costs** (NEUTRAL): HCLTech has a cost advantage from its large India-based workforce and global delivery network. Employee benefits were 56.9% of revenue in Q1 FY27, while revenue per employee increased to $65.5K annually. This operating model supports a 16.9% consolidated EBIT margin and 40.7% return on invested capital, though the cost advantage is partly offset by 14.8% outsourcing costs.
  > Employee benefits expense ... 56.9%; Outsourcing costs ... 14.8%; EBIT ... 16.9%
- **[TREND] AI-Led Revenue Model Transformation** (POSITIVE, Change: EXPANDING): Advanced AI revenue was newly disclosed at more than $100M in Q2 FY26, approximately 3% of total revenue. AI Force was deployed across 47 accounts, up from 35 in the prior quarter, and nearly all new deals included AI. By the later baseline, Advanced AI revenue had reached $171M and 62.1% year-on-year growth. This is a clear expansion of HCLTech's IP- and AI-led monetization moat. (2 expanding, 1 new)
  > Advanced AI Revenue $171M ... Advanced AI business grew 10.6% QoQ and 62.1% YoY in constant currency terms.
- **[TREND] Cloud Migration and Managed Services Growth** (NEUTRAL): HCLTech benefits from customer switching costs. Its engagements often involve deeply embedding HCLTech in a customer's applications, infrastructure, cybersecurity, cloud operations and business processes. Evidence includes multi-year infrastructure and managed-service engagements, expanded partnerships and renewals, and 23 customers generating more than $100M each. Once HCLTech is integrated into these critical systems, replacing it would require time, money and operational risk.
  > A global banking group selected HCLTech to create a scalable foundation for the client’s data center transformation strategy. Through a multi-year Backup and Storage-as-a-Service engagement, HCLTech will migrate the bank from legacy backup platforms and deliver a unified infrastructure framework acr
- **[TREND] Margin Stability Despite Wage Pressure** (POSITIVE, Change: EXPANDING): IT and Business Services remained HCLTech's largest business line, but its revenue share was slightly lower than a year earlier. Constant-currency growth was modest at 3.0% year on year, while EBIT margin declined materially from 16.6% to 15.1%. (1 contracting, 2 expanding)
  > IT and Business Services (A) 74.5% 73.3% 74.0% 3.0% 0.0%; EBIT Margin ... 16.6% 17.0% 15.1% (150) (183)
- Engineering and R&D Services expanded its revenue share from 15.9% to 17.0% and was the fastest-growing major business segment, with 11.8% constant-currency year-on-year growth. Its EBIT margin also improved by 102 basis points. (5 expanding) (POSITIVE, Change: EXPANDING)
  > 2026 Google Cloud Partner of the Year ... 2026 ServiceNow Partner of the Year ... Dell Technologies Global Alliances Partner of the Year and Growth Partner of the Year (EMEA) ... Zscaler Americas GSI Partner of the Year ... Citrix GSI Partner of the Year

### Future Growth

- **[CATALYST] Generative AI Enterprise Adoption Wave** (POSITIVE, Trend: ACCELERATING): AI Force deployments increased from 35 accounts in the prior quarter to 47 accounts in Q2 FY26, a 34% sequential increase. HCLTech is targeting deployment across 100 top clients, implying 53 additional target accounts from the current base. This is a clear accelerating customer-adoption signal. Other offerings are described qualitatively, with AI Factory demand strong and teams being scaled. (2 accelerating, 3 new trend across 5 signals)
  > Advanced AI Revenue $171M ... ↑10.6% QoQ CC ↑62.1% YoY CC
- **[METRIC] Total Contract Value of Large Deals** (POSITIVE, Trend: ACCELERATING): New-deal TCV was $1.812B in Q1 FY26. The document provides only the current-quarter figure, so the trajectory cannot be measured across quarters; this is a new tracking point for this document. (1 new trend, 4 accelerating across 5 signals)
  > We recorded our highest ever Q1 net-new bookings of $2.4Bn and our Advanced AI business grew 10.6% QoQ and 62.1% YoY in constant currency terms.
- **[PRINCIPLE] Platform and IP-Led Revenue Share** (POSITIVE, Trend: REVERSING): HCLSoftware ARR improved from $1.014B in Q1 FY25 to $1.033B in Q4 FY25 and $1.057B in Q1 FY26. Year-on-year ARR growth moved from -0.3% to 1.8% and then 1.3%. The recurring-revenue base is recovering, but the latest growth rate eased slightly from the prior quarter. (2 steady, 2 decelerating, 1 reversing across 5 signals)
  > ARR 1,057 1,062 1,065 1,045 1,063 ... ARR Growth YoY CC 1.3% 0.6% 0.6% (0.5%) 2.0%
- **[TREND] AI-Led Revenue Model Transformation** (POSITIVE, Trend: ACCELERATING): Advanced AI revenue crossed $100M in Q2 FY26, but the document provides no comparable Advanced AI revenue or growth rate for earlier quarters. This is a newly disclosed growth signal rather than a multi-quarter acceleration assessment. (3 new trend, 1 accelerating across 4 signals, 1 leading indicator)
  > A U.S.-based global pharmaceutical company selected HCLTech's Physical AI solution VisionX ... A Europe-based medtech company selected HCLTech’s Physical AI solution TraceX ... A global technology major expanded its partnership with HCLTech for an AI Factory program with an incremental scope of over
- **[TREND] BFSI Vertical Recovery Driving Growth** (POSITIVE, Trend: STEADY): Financial Services growth accelerated from 4.9% in Q4 FY25 to 6.8% in Q1 FY26. Technology and Services remained strong at 13.7%, while Retail and CPG slowed from 10.0% to 8.2%. Public Services weakened from 1.0% to negative 2.4%. Overall, the growth picture is diverging by vertical rather than broadly accelerating. (1 decelerating, 2 accelerating, 1 new trend, 1 steady across 5 signals)
  > Financial Services 21.6% 21.4% 22.1% 5.3% ... Technology & Services 14.0% 14.8% 14.4% 7.3% ... Retail & CPG 9.7% 9.7% 10.3% 10.1% ... Public Services# 8.5% 9.2% 9.3% 12.0%
- **[TREND] Margin Stability Despite Wage Pressure** (NEUTRAL, Trend: STEADY): The Q1 FY26 document reports EBIT margin of 16.3%, down from 17.9% in Q4 FY25 and 17.1% in Q1 FY25. This is a clear deterioration, driven partly by lower utilization and additional GenAI and go-to-market investment. Revenue per employee is not reported in this document, so only the margin component can be tracked. (1 decelerating, 3 accelerating, 1 steady across 5 signals)
  > Revenue per employee (per annum) $65.5K ↑0.7% QoQ ↑3.3% YoY ... EBIT Margin ↑39 bps QoQ ↑56 bps YoY
- Large-client breadth is improving. Clients contributing at least $20M increased from 133 in Q1 FY25 to 138 in Q4 FY25 and 144 in Q1 FY26. Clients contributing at least $10M moved from 256 to 251 and then 255, indicating a partial recovery but not a sustained increase. The latest quarter is positive for both measures, but the multi-quarter trend is mixed. (2 steady, 2 new trend, 1 accelerating across 5 signals, 1 leading indicator) (POSITIVE, Trend: ACCELERATING)
  > $20M+ 144 149 155 11 6 ... $10M+ 255 277 286 31 9

### Risk Assessment

- **[CATALYST] US Enterprise IT Budget Recovery** (NEGATIVE): Geographic concentration was evident in Jan 2026: the USA and Europe were the largest reported markets, although the transcript gave growth rates rather than revenue shares. US growth was only 1.5% YoY in constant currency, while Europe grew 4.6%; India and the rest of the world grew faster. The Jul 2026 baseline quantified the concentration at 83.6% of services revenue, with the USA at 56.0% and Europe at 27.6%. Thus, concentration remained a high and increasingly clearly quantified risk. (1 intensifying)
  > USA grew at 1.5% YoY. Europe grew at 4.6% YoY, while India grew at 15.8% YoY, and Rest of the World reported an increase of 22.1% YoY in constant currency terms.
- **[METRIC] Constant Currency Revenue Growth** (NEGATIVE, Risk: HIGH): In the older Q1 FY26 period, demand was already moderate: constant-currency revenue declined 0.8% quarter on quarter and grew only 3.7% year on year. Services grew 4.5% year on year but declined 0.1% quarter on quarter. Management guided to only 3.0%-5.0% FY26 constant-currency growth. Against the later baseline, which reports a further 0.5% quarter-on-quarter decline and lower 1.0%-4.0% guidance, the demand risk worsened over time. (5 intensifying, 1 high-severity)
  > Constant Currency (CC) Revenue ↓0.5% QoQ ↑2.6% YoY ... FY27 Guidance YoY in CC Company revenue growth 1.0% - 4.0% Services 1.5% - 4.5%
- **[METRIC] Employee Utilization Rate** (NEGATIVE): The Jan 2026 position was strong: Engineering and R&D Services grew 10.8% YoY and 3.1% QoQ in constant currency, and bookings were driven significantly by applications and engineering services. Nevertheless, management said traditional manufacturing remained muted and automotive and mobility demand had only stabilised, not clearly returned to structural growth. By the Jul 2026 baseline, Engineering and R&D Services had declined 3.7% QoQ and grown only 0.3% YoY. The risk therefore intensified sharply. (1 intensifying)
  > Engineering and R&D Services grew 10.8% YoY and grew 3.1% sequentially.
- **[METRIC] Total Contract Value of Large Deals** (NEGATIVE): Q1 FY26 bookings were $1.812 billion, but constant-currency revenue declined 0.8% quarter on quarter, showing that deal wins had not yet translated into sequential growth. The later baseline reports substantially higher bookings of $2.407 billion but still declining revenue, confirming a widening conversion/timing gap. The risk intensified. (2 intensifying, 2 stable)
  > TCV (New Deal wins) at $1,812M ... Constant Currency (CC) Revenue down 0.8% QoQ
- **[METRIC] Voluntary Attrition Rate (LTM)** (NEUTRAL, Risk: MODERATE): The workforce shrank sharply during the quarter while attrition increased slightly. A smaller employee base may support margins in the short term, but it can also limit the company's ability to staff new AI and transformation projects and may increase dependence on subcontractors. [EXECUTION]
  > Total People Count ... 227,181 ... 223,889; Net Addition ... (3,292); Freshers Added ... 1,056; Attrition (LTM) ... 12.7%
- **[PRINCIPLE] Deal Win Rate and Conversion** (NEGATIVE, Risk: MODERATE): In Oct 2025, bookings were strong at $2.6 billion, but management disclosed that only five of the top ten renewals had increased annual contract value, while the other five had deflation in specific statements of work. Management also stated that bookings generally correlate with revenue with a one-to-two-quarter lag. The later baseline still cites strong bookings but weak revenue growth, confirming that conversion and ramp-up remain a material risk. The risk is therefore stable at medium severity. (1 stable, 1 intensifying)
  > Bookings (New Deal Wins) $2,407M
- **[PRINCIPLE] Platform and IP-Led Revenue Share** (NEGATIVE, Risk: HIGH): HCLSoftware was already under pressure in Q1 FY26: revenue declined 3.0% year on year and 7.1% quarter on quarter in constant currency, while its revenue mix fell to 9.3% from 9.9%. The later baseline shows the decline becoming materially worse, with revenue down 5.3% year on year and EBIT margin falling to 17.6% from 22.4%. The risk therefore intensified. (5 intensifying, 1 high-severity)
  > HCLSoftware (C) ... YoY CC Growth (5.3%) ... EBIT Margin ... 30-Jun-25 22.4% ... 30-Jun-26 17.6%
- **[PRINCIPLE] Sub-Contracting and Third-Party Costs** (NEGATIVE, Risk: HIGH): The risk was clearly visible in Q1 FY26. Employee costs were 58.0% of revenue and outsourcing costs increased to 13.6% from 12.6% a year earlier. Total costs rose to 83.7% of revenue from 82.9%, while EBIT margin fell to 16.3% from 17.1%. The later baseline shows employee costs at 56.9% but outsourcing costs higher at 14.8%, indicating that subcontracting pressure intensified even though employee-cost intensity improved somewhat. Overall severity remained high, with the latest evidence pointing to an intensifying risk. (3 intensifying, 1 stable, 1 high-severity)
  > Employee benefits expense ... 56.9% ... Outsourcing costs (Subcontractors + Outsourced Work) ... 14.8%
- **[TREND] AI-Led Revenue Model Transformation** (NEGATIVE, Risk: HIGH): The risk was emerging in Q2 FY26 as Advanced AI revenue crossed $100 million and the company expanded into agentic AI, robotics, physical AI, chip engineering and AI factories. The document provides evidence of increasing execution complexity but no reported failure, delay or claim. The later baseline shows Advanced AI revenue of $171 million and larger AI Factory scope, meaning exposure increased, although there is still no evidence of an actual execution incident. (3 intensifying, 2 emerging, 1 high-severity)
  > Advanced AI Revenue $171M ... ↑62.1% YoY CC
- **[TREND] Cloud Migration and Managed Services Growth** (NEGATIVE): In the earlier FY26 period, ERS was a relative strength: constant-currency revenue grew 9.8% year on year and EBIT margin was 16.8%. The later baseline reports a 3.7% QoQ decline and only 0.3% YoY growth. This is a clear deterioration in demand momentum and supports an intensifying trajectory. (1 intensifying)
  > In FY26, ERS delivered a good performance, with 9.8% year-on-year revenue growth in constant currency and an EBIT margin* of 16.8%.
- **[TREND] Margin Stability Despite Wage Pressure** (NEGATIVE): In Oct 2025, wage revisions were expected to reduce margins by 70-80 basis points in Q3 and a further 40-50 basis points in Q4. Management also warned that increased local hiring and training would create a margin headwind. The later baseline confirms that employee costs and outsourcing costs remained elevated, with employee benefits at 56.9% of revenue and outsourcing at 14.8%. This indicates the cost risk intensified rather than being fully absorbed. (2 intensifying)
  > The wage revision cycle will kick in Q3... Q3 is expected to have 70-80 basis point impact and Q4 to have an incremental impact of 40-50 basis point. The impact is baked into our margin guidance.
- Engineering and R&D Services was strong in the older Q1 FY26 period: it grew 11.8% year on year in constant currency and represented 17.0% of revenue, although it declined 0.5% quarter on quarter. The later baseline reports a 3.7% quarter-on-quarter decline and only 0.3% year-on-year growth. This is a clear deterioration from strong growth to near-stagnation and contraction. (5 intensifying, 2 high-severity) (NEGATIVE, Risk: HIGH)
  > A U.S.-based telecommunications services provider selected HCLTech as its strategic cybersecurity delivery partner ... risk advisory, threat intelligence, incident response and managed detection and response.

### Scenario Analysis

- Iran conflict is not directly tied to HCL Technologies' core software and IT consulting business, nor does HCLTech supply energy, logistics, defence, or other directly affected infrastructure. The company could face indirect effects through weaker global IT spending, project delays, sanctions compliance, rupee movements, and higher operating costs, but these are broad macroeconomic and geopolitical channels rather than scenario-specific structural exposure. (NEUTRAL)
- First-order effects are predominantly positive: HCLTech is generating Advanced AI revenue, winning a more than $180 million GPU-based AI data-centre engagement, supporting AI-chip design and delivering AI-enabled engineering, security and modernization services. These wins position the company as an enabler of enterprise AI and compute deployment, but not as an owner of GPUs, data centres, electricity, cooling or other physical infrastructure. The second-order consequence is a gradual shift from employee-hour billing toward automation, reusable platforms, infrastructure integration and outcome-based engagements; this can lift revenue per employee and margins, but can also reduce the number of billable engineers required. At the third order, HCLTech is better placed than a pure labor-arbitrage provider to participate in an AI-led re-rating of Indian IT, although its relatively small disclosed AI revenue base and weak HCLSoftware growth limit the scale and certainty of that re-rating. (POSITIVE)
  > Advanced AI Revenue $171M ... Advanced AI business grew 10.6% QoQ and 62.1% YoY CC

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