New Delhi, Nov. 1 -- Watching India's information technology (IT) services companies discuss the extent of what they call "AI revenue deflation" in recent weeks, I was reminded of Ibn Khaldun, the 14th century North African scholar.

He wrote about civilizations and empires, not technology companies, but the outline of his observations are useful in understanding where our tech giants are and, more importantly, what they might have to do to continue to thrive.

Khaldun argued that societies rise and fall in cycles. Founders triumph over adversity and create a political institution. They are followed by builders who carry forward the growth. Next come the inheritors who rest on their laurels, and are finally succeeded by those who preside ...