Anurag Rana

is something that they have a good handle on.

And I think they're executing it very well.

But the consulting division only grew up 1%.

So even though they are getting a lot of that, as you said, 80% of those bookings from consulting, it's not driving the entire division up because as we know from some of the other vendors and we'll find out today also, the non-AI IT spending is pretty bad right now.

throughout the ecosystem so people are cutting back on that and deploying those funds into ai related services and that's something that's hurting ibm as well but imagine even with consulting growing only one percent their total company growth rate was nine percent and i think that's something to you know be proud of

Well, the thing is, think about it this way.

The backlog is up and the capex is up.

Then why isn't growth accelerating?

And I think that's the biggest question for all of us.

I personally think it's a supply problem, but it's a temporary problem.

But as we know right now, the trade is to sell software and buy semis.

And I think I don't see that changing tomorrow morning.

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.

But, you know, if you look at some of the other numbers, such as RPO, you mentioned above 600 billion, that's very impressive.

And we already know the capex was going to go up.