Migration to the cloud is a key revenue driver for Indian technology services providers that delivered muted revenue guidance with their quarterly results. Indian IT majors are also affected by disorderly withdrawal of liquidity in financial markets in the US and EU, a vital business vertical. This is a transient phenomenon as credit markets in advanced economies readjust after a blistering run-up in interest rates. Generative AI, however, poses a bigger challenge to business models built on wage arbitrage.