International Business Machines Corp

IBM reported Q1 total revenue of $14,541M. New Software revenue categories: Hybrid Cloud (Red Hat) $1,687M, Automation $1,584M, Data $1,236M, Transaction Processing $1,828M (total Software $6,336M). Consulting $5,068M (Strategy & Technology $2,782M, Intelligent Operations $2,286M). Infrastructure $2,886M, Financing $191M. The new sub-segment breakout is more informative: Automation ($1,584M, up from $1,391M = 13.9% growth) and Data ($1,236M, up from $1,173M = 5.4% growth) contain the bulk of watsonx and AI-related software products. However, these categories also contain substantial non-AI products (traditional automation tools, non-AI data management). The filing still provides no AI-specific revenue quantification. Segment profit margins expanding: Software profit $1,847M on $6,336M revenue = 29.1% margin (up from 25.4%). Conservative estimate: AI products represent roughly 20% of the combined Automation + Data sub-segments ($2,820M x 20% = $564M), plus ~$200M in AI consulting and ~$110M in AI infrastructure = ~$874M. $874M / $14,541M = 6.0%.