HCL Technologies Ltd., Wipro Ltd. and Tech Mahindra Ltd. are set to report earnings as their investor base increasingly questions the value of traditional IT services in the age of artificial intelligence.The sector is weighed down by macroeconomic uncertainty, exacerbated by the Middle East conflict, and the disruptive impact of AI adoption. The twin pressures have weighed on sentiment, driving down shares this year. Negative sentiment toward the sector deepened after US-listed peer Accenture Plc forecast slower-than-expected quarterly revenue, reinforcing concerns over weakening demand and sending the NSE IT Index even lower. On Thursday, Tata Consultancy Services Ltd. met net income expectations, helped by cost-cutting efforts that helped it weather a slowdown in the core IT business. “Our recent interactions suggest that pressures on IT services budgets persist, which is driving pressures on discretionary IT spending,” Jefferies wrote in a note.Earnings at Taiwan Semiconductor Manufacturing Co. will serve as a key reality check for Taiwan’s stock market, which remains in the grip of the AI boom. Highlights to look out for: Saturday: Avenue Supermarts (DMART IN) is on track to post its highest net income on record, estimates show. The company’s same-store sales growth and store expansion plans for 2027 will be key, after an accelerated expansion in the previous financial year, Citi said. Monday: HCL Technologies’ (HCLT IN) quarterly revenue is expected to have risen 13%. Margins may have improved on rupee depreciation and cost-saving measures, according to Elara Securities. The company is expected to maintain its full-year growth guidance in constant-currency terms of 1% to 4%. Tuesday-Wednesday: No notable earnings.Thursday: TSMC’s (2330 TT) second-quarter net income is set to grow 56% and hit another record high. Watch for third quarter guidance and margin outlook in the second half as US fab costs build, said BI. JPMorgan expects the semiconductor giant to see better visibility on AI demand and firmer pricing into 2028.