We expect FQ1 to mildly beat Street revenue/EPS on fx slightly improving and macro stable; we like ACN quite well, as DOGE headwinds start to anniversary mid-C2026, and we expect ACN to eventually emerge as a GenAI winner. ACN is trading near all-time relative low (currently ~16% discount to the S&P 500 NTM P/E), despite accelerating GenAI bookings, easing booking comps and improved pricing trends. IT services spending has been weak for a few years post the COVID digital boom...we think it could return in coming quarters.