Anurag Rana

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.

Yeah, there are two elements of it.

One of the most important part is the size of the company.

It's a very large software company, very big revenue base.

So even if you see adoption of whether it's data cloud on the AI side or agent force, it doesn't move the needle if the macro is bad.

And that's really the big narrative for whether it's Salesforce or Workday or a lot of other software companies is,

enterprise tech spending on the non-AI side of it is not that strong.

People are not adding headcount at the same rate they were a few years ago.

And that is what's weighing in the subscription growth rate of all these companies.

And I think that's the big narrative.

And from my experience, unless the estimate starts to move up, the stock kind of remains, I would say, range bound on that case.

So there are two aspects of it.