William Blair: Entering 2026 with cautious momentum. AI pricing takes hold in IT services

The note is Volume 16 of the firm's "We're on IT" series, dated January 23, 2026, and it examines pricing and AI adoption across several variables. Coverage spans 18 companies, including Accenture, Cognizant, Endava, Genpact, Globant, Grid Dynamics and Infosys. Infosys and Accenture results serve as the early read on 2026 spending. The note also names EPAM a new top pick and lists M&A from Q4 2025 and January 2026. The EPAM case rested on engineering depth. The report says that depth helps it win large, complex deals, recover business and displace competitors. On its Q4 call, EPAM guided to AI-native revenue above $600 million in 2026. The call has since been overtaken. After Q2, Nolan said results beat estimates, but lowered revenue guidance pointed to sustained North America pressure and limited growth through 2026. TipRanks shows an August 8 downgrade to Hold. For AI founders, the lesson is about buyers. Services firms are the channel through which many enterprises adopt AI, and their pricing models shape what clients will pay for. A top pick reversed within months also shows how unsettled that demand is.