Anurag Rana

And after that, they can't use those models after that.

So remember that part of it as well.

The financial part will stay, but it's the actual engine that is driving Copilot that's driving GitHub Copilot or the Microsoft 365 Copilot that you talk about.

That's the intelligence that goes into that model.

Well, they have their own models that are going on.

It's just not as good as whether it's OpenAI or Cloud at this point, but they are putting a lot of effort behind it and most of all leads that.

And that's where we need to see what kind of ROI do we see there?

And do they actually get their act together over the next few years?

Yeah, I was a bit surprised, actually, the 9% number on the software side.

It is a bit shocking.

I mean, for them to be, you know, total growth rate of 9% and software in double digits.

I mean, we were not expecting that.

So there's a lot to peel in that particular one and go back and see, you know, which segments outperformed.

Now, there's a tiny bit of M&A there, but even without that, I mean, I think this is very good.

And the big number for us is that the cash flow is going to go up by a billion dollars next year.

So I think IBM's turned them around very well.

I think the strategy is executing well, and Arvind's done a good job in this case.

I think there's nothing wrong in going through acquisitions if you don't pay enough for them, if you pay the right amount.

And in this case for IBM, every two years they'd go out and buy something that would help their gross margins, that would help their adjusted EBITDA, that would help their free cash flow, and they use that cash flow to buy more.

But they're already concentrated in certain areas such as hybrid cloud or the ability to make sure that the internal infrastructure of a company or the enterprises