Anurag Rana

Is it a system of record?

All those things takes into account kind of the history of a company.

So let's say a company like SAP that's been around for 50 years, you use it for your core accounting reasons, supply chain.

I think something like that is better entrenched than a very small company that's probably doing one particular function or selling only to the small and medium customers.

I think the biggest thing is going to be like, what are you doing to change the narrative around them being disrupted by AI and how are they adding more AI capabilities across their entire suite?

These guys are going to do okay in terms of total revenue growth for the first time for the iPhone.

I think it's going to be in double digits.

It is a picture.

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.

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.

I think it's usually high expectations and, you know, the fact that they only met Azure growth rates, which was 38%.

I think that's probably weighing on the stock because, you know, one would have expected them to blow out that number.

It has been around 39% the last couple of quarters.

So I think that's where a little disappointment could be.

But that could also be because of supply constraints.

That's something we have highlighted in our research before.