TMT Daily: GLOB joins Claude Partner Network; AMX June Buybacks: Still soft as expected; GLOB/CINT: AWS moving into implementation services

研报英文原文证据摘录

TMT Daily: GLOB joins Claude Partner Network; AMX June Buybacks: Still soft as expected; GLOB/CINT: AWS moving into implementation services

UBS's take: Neutral for AMX. We believe the soft buybacks were already expected

by the market, given the company's capital allocation priorities, reinforced at its

Investor Day, where management ranked three uses for incremental FCF: (1) M&As

within existing markets; (2) deleveraging; and (3) shareholder returns. Even though

it is still unclear when shareholder returns will accelerate, we note that AMX has

one less destination for its FCF, as the TEO/TMA deal remedies in Argentina required

Movistar's mobile clients to be absorbed by a new player instead of AMX.

Figure 1: AMX June buybacks decreased by 58% vs. last month.

onth.

ast m

vs. l

58%

sed by

decrea

backs

ne buy

AMX Ju

Source: BMV.

GLOB/CINT: AWS moving into implementation services with $1bn forward-

deployed engineers program

What happened: According to TechCrunch, Amazon Web Services (AWS) launched a

new internal organization for AI-focused forward-deployed engineers (FDEs).

Engineers on the new team will work within client companies to deploy purpose-

built agents, focusing on fast engagements and customer self-sufficiency. Amazon

says it will commit US$ 1bn to the new organization.

UBS's take: Mixed read for GLOB/CINT. While this adds another large tech provider /

LLM competing with IT Services firms for AI implementation work, we believe it

reinforces the role of system integrators in enterprise AI adoption. In our view, this

also reinforces the complementarity between LLMs and IT Services (also reflected in

recent partnerships between them). Additionally, in a context of higher scrutiny

over token costs, we believe the ability to orchestrate and deploy different AI