Stratechery (free feed)Article
IBM Misses, IBM’s Mainframe Moat, IBM’s Many AI Problems
The real story per Stratechery's framing is that IBM's mainframe moat is durable but its AI ambitions are not translating into growth, and the market reaction reflects doubts about IBM's ability to monetize AI beyond consulting revenue. For investors watching enterprise AI plays, this is a reminder that legacy vendors with strong lock-in still struggle to pivot narrative into multiple expansion. Read it as a case study in the gap between AI messaging and AI revenue.