Anurag Rana

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.

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.

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.

No, I think it's usually high expectations and the fact that they only met Azure growth rates, which was 38%.

I think that's probably weighing on the stock because 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.