Carol Masser

What was it?

Well, you know, yeah.

I mean, so is it in flux still, safe to say, Anurag, in terms of who ultimately are going to be the leaders when it comes to this AI world?

Or will there be multiple big players?

You know, interestingly, you know, looking at Microsoft Meta this year and last year, how the stocks have done, they've definitely underperformed some of the other MAG7 names and certainly some of the other large cap tech names.

But I'm just curious, you know, the concerns have been about the AI spend and whether it's going to pay off.

Signs here from Microsoft, Anurag, that you're seeing that it does make sense.

This spend that Microsoft is doing, the ROI is there.

All right.

I want to go over to IBM, which actually outperformed Microsoft last year.

It was up about 35%.

And we are seeing this stock up about 8.4% following its earnings release here.

They post revenue that topped estimates.

They talked about

Software gains, specifically its software unit revenue up 12% to $19.7 billion in the fourth quarter.

Software business jumping 14% to just over $9 billion.

And the company projecting that revenue will grow more than 5% this year.

And the company's CEO saying, quote, we enter 2026 with momentum and in a position of strength.

I don't know if you've had a chance to look at IBM, Anurag.

Walk us through what we're seeing with this company.