International Business Machines Corp

IBM's FY2024 10-K describes the strategy as centered on 'hybrid cloud and artificial intelligence (AI)' and for the first time references 'AI and generative AI' prominently in Risk Factors. The 10-K competitive discussion for Infrastructure now specifically mentions 'AI workloads'. However, the filing still provides ZERO quantification of AI-specific recognized revenue in any financial table or segment note. IBM's FY2024 annual revenue was approximately $62.8B. The 10-K mentions AI extensively throughout strategy and risk sections. Q4 implied revenue ~$17,601M ($62.8B - $45,199M 9-month). watsonx has been GA for ~6 quarters. Cumulative AI book of business reportedly exceeded $5B per public commentary, but this is bookings, NOT revenue, and is NOT in the 10-K. As more multi-year AI contracts begin recognizing revenue, the AI percentage increases. Conservative estimate: ~$968M AI revenue in Q4. $968M / $17,601M = 5.5%.