{"slug":"ai-adapt-ctsh-20261105","entry":{"slug":"ai-adapt-ctsh-20261105","title":"AI Adaptation Research Report — CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) · WhiteSwan constituent","symbol":"CTSH","kind":"ai_adaptation","name":"COGNIZANT TECHNOLOGY SOLUTIONS CORP","book":"AMF-WHITESWAN","direction":"long","verdict":"whiteswan","run_date":"2026-11-05","narrative":"deterministic","level":3,"aas":54.9,"date":"2026-11-05","generated_at":"2026-11-05T04:02:17+00:00","description":"CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software ","algorithm_release":"1.1.0","rank":10,"composite":64.05,"story_score":57.1,"market":89.3,"weight":0.066847,"pinned":false},"url":"/marr/ai-adapt-ctsh-20261105","markdown":"# AI Adaptation Research Report — CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) · WhiteSwan constituent\n\n*EventTrader research desk · generated 2026-11-05 04:02 UTC · report ai-adapt-ctsh-20261105 · narrative: built from the evidence pack by the platform*\n\n| | |\n|---|---|\n| **Company** | CTSH — COGNIZANT TECHNOLOGY SOLUTIONS CORP · SIC 7371 Services-Computer Programming Services |\n| **Book** | AMF-WHITESWAN (long) — WhiteSwan |\n| **Composition algorithm** | Swan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted |\n| **Anchor filing** | 10-Q filed 2026-10-29 (period 2026-09-30) |\n| **Adoption level** | 3 — integrated · model-confirmed |\n| **AI Adaptation Score** | 54.9 / 100 · run 2026-11-05 · sector software percentile 93.0 |\n| **Price** | 64.18 USD · stale quote |\n| **Place in the book** | rank 10 of 10 · composite 64.0 · story 57.1 · market verdict 89.3 · weight 6.7% |\n\n## 1. Verdict\n\n- **CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) is a WhiteSwan constituent**: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].\n- The score rests on the company's 10-Q filed 2026-10-29, read in full by the platform's scorer [S1].\n- Adoption level **3 — integrated** on the 0–4 rubric, confirmed by a model read with credibility 5.0/10 [S1].\n- AI Adaptation Score **54.9** / 100, percentile 98.9 of 6503 scored filers and 93.0 within its sector (software, 585 filers) [S5].\n- What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].\n\n## 2. The company\n\nCOGNIZANT TECHNOLOGY SOLUTIONS CORP files with the SEC under CIK 1058290, SIC 7371 (Services-Computer Programming Services), listed on Nasdaq [S4].\nThe filing the score reads is the 10-Q filed 2026-10-29 for the period ended 2026-09-30, effective for the books from 2026-10-30 [S2].\n\n## 3. What the filing says about AI\n\nThe scorer found 12 AI-related sentences in the 10-Q: 11 in the substantive sections (business, management's discussion) and 1 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 0, deployments 2, measured outcomes 0, investment 5, third-party vendor tools 0, exploratory language 1 [S1].\n\nVerbatim from the filing:\n\n> \"We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"By fostering a workforce that is properly sized, AI-enabled and possesses the skills required for success as well as optimizing our technology footprint, we aim to streamline operations and enhance productivity through AI-led efficiencies, creating a more agile and cost-effective operating model.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"As AI-based technologies or other forms of automation evolve, demand for some services that we currently perform for our clients may be reduced, and our ability to obtain favorable pricing or other terms for some of our services may be diminished.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"In the second quarter of 2026, we initiated Project Leap, a program designed to accelerate our transformation to the operating model of the future by funding investments in our integrated offerings, AI capabilities and partnerships, reshaping productivity through competitive offerings and upskilling our workforce.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"Operating Margin and Adjusted Operating Margin7- Overall Our 2026 GAAP and Adjusted Operating Margins7 were positively impacted by Project Leap savings, net of investments in our AI capabilities, and foreign currency exchange rate movements, partially offset by increased compensation costs, the dilutive impact of our recently completed acquisitions and the impact of the sale of third-party products in connection with our integrated offerings strategy.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"Our operating margins for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, were positively impacted by Project Leap savings, net of investments in our AI capabilities, and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of our recently completed acquisitions.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We plan to continue to make significant investments in our AI capabilities to meet the needs of our clients and harness AI's value in a flexible, secure, scalable and responsible way.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"Operating Margin and Adjusted Operating Margin4 - Overall The increase in our Adjusted Operating Margin4 for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, was primarily driven by Project Leap savings, net of investments in our AI capabilities, and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of our recently completed acquisitions.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"In the second quarter of 2026, we introduced Project Leap, a program designed to accelerate our transformation to the operating model of the future by funding investments in our integrated offerings, AI capabilities and partnerships, reshaping productivity through competitive offerings and upskilling our workforce.\" — Item 1A. Risk Factors [S1]\n\n## 4. The AI Adaptation Score\n\nThe AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nCTSH's score of 54.9 decomposes into level 33.8, greenfield 2.0, credibility 7.5, trajectory 5.8 and investment 5.9 points [S5].\nIts cluster label for the run is **builder** with a margin of 24.1 points from the sector's other cluster [S5].\n\nThe model read of the filing returned level 3 (integrated) with confidence 0.6 and sub-scores product 6.0, operations 6.0, investment 6.0, data moat 3.0, credibility 5.0, greenfield 1.0 (each 0–10) [S1].\nIts summary: \"AI is embedded in Cognizant's client offerings and internal operations, with named investment via Project Leap tied to margin impact and work building platforms, AI models and custom solutions. No proprietary model/data moat quantified; outcomes only loosely tied. A retrofit, not AI-native. Level 3.\" [S1].\n> \"Our operating margins for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, were positively impacted by Project Leap savings, net of investments in our AI capabilities\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations.\" — Item 2. Management's Discussion and Analysis [S1]\n> \"We plan to continue to make significant investments in our AI capabilities to meet the needs of our clients and harness AI's value in a flexible, secure, scalable and responsible way.\" — Item 2. Management's Discussion and Analysis [S1]\n\n## 5. Trajectory\n\nThe previous periodic report, the 10-Q filed 2026-07-29, scored level 2 (bolt-on) with 11 AI sentences [S3].\nThe level rose by 1 between the two reports [S1].\n\n## 6. Recent developments\n\n- wire:prnewswire 2026-11-04T13:00+00:00: Cognizant to Present at the BMO Technology and Innovation Leaders Conference [S7]\n- wire:prnewswire_earnings 2026-10-29T10:30+00:00: Cognizant Reports Third Quarter 2026 Results [S8]\n- wire:gnews-ma 2026-10-23T15:42+00:00: Cognizant To Acquire DyFlex Solutions To Expand SAP & AI Capabilities - TradingView [S9]\n- wire:gnews-ma 2026-10-23T14:41+00:00: Cognizant to Acquire DyFlex Solutions to Expand AI-Led SAP Transformation Across ANZ - Konsulteer [S10]\n- wire:gnews-ma 2026-10-23T12:12+00:00: Cognizant to acquire Australia-based SAP implementation firm DyFlex - Venture Intelligence News [S11]\n- wire:gnews-ma 2026-10-23T10:44+00:00: Teaneck-based Cognizant to acquire DyFlex Solutions of Australia - ROI-NJ [S12]\n- wire:gnews-ma 2026-10-23T06:22+00:00: Cognizant to acquire Australia's DyFlex Solutions to boost SAP, AI capabilities - ETHRWorld.com [S13]\n- wire:gnews-ma 2026-10-23T03:33+00:00: Cognizant to acquire Australia’s DyFlex Solutions - Communications Today [S14]\n\n## 7. What would change the verdict\n\nCTSH leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].\n\n## 8. Risks and caveats\n\nThe score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].\n\n## 9. Watch list\n\n- The next periodic report of CTSH (expected around 2027-01-27) and its AI sentences [S4].\n- The model read of the current filing (done) [S5].\n- The next scoring run's AI Adaptation Score and the book's recomposition [S5].\n## Place in the book\n\n- Rank 10 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].\n- Composite: 0.50 × 54.9 (AAS) + 0.25 × 57.1 (story) + 0.25 × 89.3 (market) = 64.0 [S5].\n- Market verdict 89.3: over the last 90 days CTSH rose more and fell less than the software universe's median daily return (down-capture 1.55, up-capture 3.13, L = 1.57; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].\n- AI Story Score 57.1: a beneficiary narrative in the AI stories written about the company [S5].\n- Weight: rank factor 1.00 (rank 10 of 10) × story factor 1.07 × market factor 1.39, normalised across the book and clamped to 5–20% → 6.7% [S5].\n\n## Sources\n\n- **S1** — CTSH 10-Q filed 2026-10-29 — SEC primary document (the anchor filing the score reads) — \n- **S2** — EDGAR filing index for accession 0001058290-26-000041 — \n- **S3** — CTSH 10-Q filed 2026-07-29 — the previous periodic report (trajectory) — \n- **S4** — SEC EDGAR company submissions — COGNIZANT TECHNOLOGY SOLUTIONS CORP (CIK 1058290) — \n- **S5** — EventTrader AI Adaptation Score, scoring run 2026-11-05 — the AMF-WHITESWAN fund page (method, composition) — \n- **S6** — EventTrader real-price feed — CTSH quote — \n- **S7** — Headline — wire:prnewswire 2026-11-04T13:00+00:00: Cognizant to Present at the BMO Technology and Innovation Leaders Conference — \n- **S8** — Headline — wire:prnewswire_earnings 2026-10-29T10:30+00:00: Cognizant Reports Third Quarter 2026 Results — \n- **S9** — Headline — wire:gnews-ma 2026-10-23T15:42+00:00: Cognizant To Acquire DyFlex Solutions To Expand SAP & AI Capabilities - TradingView — \n- **S10** — Headline — wire:gnews-ma 2026-10-23T14:41+00:00: Cognizant to Acquire DyFlex Solutions to Expand AI-Led SAP Transformation Across ANZ - Konsulteer — \n- **S11** — Headline — wire:gnews-ma 2026-10-23T12:12+00:00: Cognizant to acquire Australia-based SAP implementation firm DyFlex - Venture Intelligence News — \n- **S12** — Headline — wire:gnews-ma 2026-10-23T10:44+00:00: Teaneck-based Cognizant to acquire DyFlex Solutions of Australia - ROI-NJ — \n- **S13** — Headline — wire:gnews-ma 2026-10-23T06:22+00:00: Cognizant to acquire Australia's DyFlex Solutions to boost SAP, AI capabilities - ETHRWorld.com — \n- **S14** — Headline — wire:gnews-ma 2026-10-23T03:33+00:00: Cognizant to acquire Australia’s DyFlex Solutions - Communications Today — \n\n## Method and disclaimer\n\nThe AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.\n\n*This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.*\n","html":"

AI Adaptation Research Report — CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) · WhiteSwan constituent

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EventTrader research desk · generated 2026-11-05 04:02 UTC · report ai-adapt-ctsh-20261105 · narrative: built from the evidence pack by the platform

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CompanyCTSH — COGNIZANT TECHNOLOGY SOLUTIONS CORP · SIC 7371 Services-Computer Programming Services
BookAMF-WHITESWAN (long) — WhiteSwan
Composition algorithmSwan Composite v1.1.0 — 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict, conviction-weighted
Anchor filing10-Q filed 2026-10-29 (period 2026-09-30)
Adoption level3 — integrated · model-confirmed
AI Adaptation Score54.9 / 100 · run 2026-11-05 · sector software percentile 93.0
Price64.18 USD · stale quote
Place in the bookrank 10 of 10 · composite 64.0 · story 57.1 · market verdict 89.3 · weight 6.7%
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1. Verdict

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    \n
  • CTSH (COGNIZANT TECHNOLOGY SOLUTIONS CORP) is a WhiteSwan constituent: its own filings document AI inside the product or operations with investment behind it, and its AI Adaptation Score ranks at the top of the software companies (SIC 7370–7379) on the 2026-11-05 run [S5].
    • \n
  • The score rests on the company's 10-Q filed 2026-10-29, read in full by the platform's scorer [S1].
    • \n
  • Adoption level 3 — integrated on the 0–4 rubric, confirmed by a model read with credibility 5.0/10 [S1].
    • \n
  • AI Adaptation Score 54.9 / 100, percentile 98.9 of 6503 scored filers and 93.0 within its sector (software, 585 filers) [S5].
    • \n
  • What would move it: a next report that withdraws the deployments, investment or outcomes it now states [S1].
    • \n
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2. The company

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COGNIZANT TECHNOLOGY SOLUTIONS CORP files with the SEC under CIK 1058290, SIC 7371 (Services-Computer Programming Services), listed on Nasdaq [S4].\nThe filing the score reads is the 10-Q filed 2026-10-29 for the period ended 2026-09-30, effective for the books from 2026-10-30 [S2].

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3. What the filing says about AI

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The scorer found 12 AI-related sentences in the 10-Q: 11 in the substantive sections (business, management's discussion) and 1 in the risk factors [S1].\nSignals counted in the substantive text: proprietary-model language 0, deployments 2, measured outcomes 0, investment 5, third-party vendor tools 0, exploratory language 1 [S1].

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Verbatim from the filing:

\n
\n

\"We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations.\" — Item 2. Management's Discussion and Analysis [S1]\n\"By fostering a workforce that is properly sized, AI-enabled and possesses the skills required for success as well as optimizing our technology footprint, we aim to streamline operations and enhance productivity through AI-led efficiencies, creating a more agile and cost-effective operating model.\" — Item 2. Management's Discussion and Analysis [S1]\n\"As AI-based technologies or other forms of automation evolve, demand for some services that we currently perform for our clients may be reduced, and our ability to obtain favorable pricing or other terms for some of our services may be diminished.\" — Item 2. Management's Discussion and Analysis [S1]\n\"In the second quarter of 2026, we initiated Project Leap, a program designed to accelerate our transformation to the operating model of the future by funding investments in our integrated offerings, AI capabilities and partnerships, reshaping productivity through competitive offerings and upskilling our workforce.\" — Item 2. Management's Discussion and Analysis [S1]\n\"Operating Margin and Adjusted Operating Margin7- Overall Our 2026 GAAP and Adjusted Operating Margins7 were positively impacted by Project Leap savings, net of investments in our AI capabilities, and foreign currency exchange rate movements, partially offset by increased compensation costs, the dilutive impact of our recently completed acquisitions and the impact of the sale of third-party products in connection with our integrated offerings strategy.\" — Item 2. Management's Discussion and Analysis [S1]\n\"Our operating margins for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, were positively impacted by Project Leap savings, net of investments in our AI capabilities, and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of our recently completed acquisitions.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We plan to continue to make significant investments in our AI capabilities to meet the needs of our clients and harness AI's value in a flexible, secure, scalable and responsible way.\" — Item 2. Management's Discussion and Analysis [S1]\n\"Operating Margin and Adjusted Operating Margin4 - Overall The increase in our Adjusted Operating Margin4 for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, was primarily driven by Project Leap savings, net of investments in our AI capabilities, and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of our recently completed acquisitions.\" — Item 2. Management's Discussion and Analysis [S1]\n\"In the second quarter of 2026, we introduced Project Leap, a program designed to accelerate our transformation to the operating model of the future by funding investments in our integrated offerings, AI capabilities and partnerships, reshaping productivity through competitive offerings and upskilling our workforce.\" — Item 1A. Risk Factors [S1]

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4. The AI Adaptation Score

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The AI Adaptation Score weighs the adoption level (0–4) at 45%, building with AI from the ground up (greenfield) at 20%, the credibility of the claims at 15%, the trajectory against the previous filing at 12% and the investment signal at 8%, with trajectory and investment measured against the company's own sector; the greenfield reward counts only from level 3 upward [S5].\nCTSH's score of 54.9 decomposes into level 33.8, greenfield 2.0, credibility 7.5, trajectory 5.8 and investment 5.9 points [S5].\nIts cluster label for the run is builder with a margin of 24.1 points from the sector's other cluster [S5].

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The model read of the filing returned level 3 (integrated) with confidence 0.6 and sub-scores product 6.0, operations 6.0, investment 6.0, data moat 3.0, credibility 5.0, greenfield 1.0 (each 0–10) [S1].\nIts summary: \"AI is embedded in Cognizant's client offerings and internal operations, with named investment via Project Leap tied to margin impact and work building platforms, AI models and custom solutions. No proprietary model/data moat quantified; outcomes only loosely tied. A retrofit, not AI-native. Level 3.\" [S1].

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\"Our operating margins for the quarter ended September 30, 2026, as compared to the quarter ended September 30, 2025, were positively impacted by Project Leap savings, net of investments in our AI capabilities\" — Item 2. Management's Discussion and Analysis [S1]\n\"We increasingly use AI-based technologies, including GenAI, in our client offerings and our own internal operations.\" — Item 2. Management's Discussion and Analysis [S1]\n\"We plan to continue to make significant investments in our AI capabilities to meet the needs of our clients and harness AI's value in a flexible, secure, scalable and responsible way.\" — Item 2. Management's Discussion and Analysis [S1]

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5. Trajectory

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The previous periodic report, the 10-Q filed 2026-07-29, scored level 2 (bolt-on) with 11 AI sentences [S3].\nThe level rose by 1 between the two reports [S1].

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6. Recent developments

\n
    \n
  • wire:prnewswire 2026-11-04T13:00+00:00: Cognizant to Present at the BMO Technology and Innovation Leaders Conference [S7]
    • \n
  • wire:prnewswire_earnings 2026-10-29T10:30+00:00: Cognizant Reports Third Quarter 2026 Results [S8]
    • \n
  • wire:gnews-ma 2026-10-23T15:42+00:00: Cognizant To Acquire DyFlex Solutions To Expand SAP & AI Capabilities - TradingView [S9]
    • \n
  • wire:gnews-ma 2026-10-23T14:41+00:00: Cognizant to Acquire DyFlex Solutions to Expand AI-Led SAP Transformation Across ANZ - Konsulteer [S10]
    • \n
  • wire:gnews-ma 2026-10-23T12:12+00:00: Cognizant to acquire Australia-based SAP implementation firm DyFlex - Venture Intelligence News [S11]
    • \n
  • wire:gnews-ma 2026-10-23T10:44+00:00: Teaneck-based Cognizant to acquire DyFlex Solutions of Australia - ROI-NJ [S12]
    • \n
  • wire:gnews-ma 2026-10-23T06:22+00:00: Cognizant to acquire Australia's DyFlex Solutions to boost SAP, AI capabilities - ETHRWorld.com [S13]
    • \n
  • wire:gnews-ma 2026-10-23T03:33+00:00: Cognizant to acquire Australia’s DyFlex Solutions - Communications Today [S14]
    • \n
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7. What would change the verdict

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CTSH leaves the long book if a later report drops the deployments, investment or outcomes it now states, if the model read judges the claims uncredible, or if higher-scoring filers displace it on a later run [S5].\nThe book is recomposed on every scoring run from the ten highest scores that pass the liquidity screen [S5].

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8. Risks and caveats

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The score reads what the company discloses, not what it does: a company can adopt AI without describing it in a periodic report, and can describe it without adopting it [S5].\nRisk-factor language is counted separately from substantive text and never credited as adoption; boilerplate that resembles generic risk disclosure is excluded [S5].\nOnly the sections the scorer parses are read (business, risk factors, management's discussion for a 10-K or 10-Q; the earnings release of an 8-K is scored but never anchors a level) [S5].

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9. Watch list

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    \n
  • The next periodic report of CTSH (expected around 2027-01-27) and its AI sentences [S4].
    • \n
  • The model read of the current filing (done) [S5].
    • \n
  • The next scoring run's AI Adaptation Score and the book's recomposition [S5].
    • \n
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Place in the book

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    \n
  • Rank 10 of 10 in AMF-WHITESWAN (Swan Composite v1.1.0, scoring run 2026-11-05): the book holds the highest composites [S5].
    • \n
  • Composite: 0.50 × 54.9 (AAS) + 0.25 × 57.1 (story) + 0.25 × 89.3 (market) = 64.0 [S5].
    • \n
  • Market verdict 89.3: over the last 90 days CTSH rose more and fell less than the software universe's median daily return (down-capture 1.55, up-capture 3.13, L = 1.57; 32 down / 19 up days) — the Failure-To-Adapt fund's selection signal, 50 = moves with the software universe's median daily return [S5].
    • \n
  • AI Story Score 57.1: a beneficiary narrative in the AI stories written about the company [S5].
    • \n
  • Weight: rank factor 1.00 (rank 10 of 10) × story factor 1.07 × market factor 1.39, normalised across the book and clamped to 5–20% → 6.7% [S5].
    • \n
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Sources

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Method and disclaimer

\n

The AI Adaptation Score reads each company's own periodic SEC reports (10-K, 10-Q, 20-F, 40-F): deterministic features (AI sentences by section, proprietary-model, deployment, outcome, investment and vendor language, boilerplate and negation excluded) set an adoption level on a 0–4 rubric; a model read of the filing's AI sentences confirms the level and scores credibility and greenfield (the business built with AI from the ground up rather than retrofitted); the score combines level, greenfield, credibility, trajectory against the previous report and investment, measured against the company's sector, with greenfield carrying the highest reward. The books are composed by Swan Composite v1.1.0: each company's composite is 50% AI Adaptation Score + 25% AI Story Score + 25% market verdict — the AI Story Score is the sentiment of the AI stories written about it, the belief network of companies named in the same stories and the price reaction to those stories (no story scores neutral); the market verdict is the Failure-To-Adapt fund's selection signal, the signed down/up capture ratio of the stock against the software universe's median return over 90 days (a stock that falls more and rises less than its peers scores below 50). AMF-BLACKSWAN holds the ten lowest composites that pass the liquidity screen and the new-listing gate and AMF-WHITESWAN the ten highest, weighted by conviction (rank, story agreement and market agreement, each leg 5–20%), recomposed on every scoring run. Every quote in this report is the filing's text verbatim; every factual sentence names its source; a source the platform could not reach is reported as missing, never filled in.

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This report is information, not investment advice. Figures come from the cited sources as of their dates. Nothing here is a recommendation to buy, sell or hold any asset.

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