International Business Machines Corp

IBM's FY2023 10-K describes the company strategy as centered on 'hybrid cloud and artificial intelligence (AI)'. The filing mentions AI and generative AI extensively in the Risk Factors section ('AI including generative AI') but provides zero dollar quantification of AI-specific revenue. watsonx has been available for ~2 quarters by end of FY2023. IBM began publicly discussing an 'AI book of business' exceeding $1B in cumulative signings by late 2023 on earnings calls, but CRITICALLY this is bookings/ACV, NOT recognized revenue. The 10-K filing itself contains no such figure. Q4 is typically IBM's strongest quarter (seasonal pattern). Implied Q4 revenue ~$16,498M (FY2023 ~$61.9B less $44,479M for 9 months). Conservative estimate: ~$577M AI revenue from watsonx ramp + Watson legacy + AI consulting. $577M / $16,498M = 3.5%.