Cognizant's share price has dropped sharply as AI disruption to the traditional consulting model and tighter H-1B visa rules spook investors. The concerns may be overblown. Cognizant does not appear to be heavily skewed towards lower-value work, the latter of which likely could be offset by AI-related services. At 12x P/E, and an 8.8% FCF yield, Cognizant appears to offer an interesting valuation relative to peers, historical valuation, and fundamentals. Cautious Buy.