watsonx and generative AI

watsonx is IBM's platform for building, governing and running AI models and agents in enterprises. IBM reports generative AI results as a book of business, which is the value of signed contracts, not recognized revenue, so it is a leading indicator rather than a P&L line.

Why it matters to the stock. The book of business is the clearest figure for how much AI demand is already contracted, and it is the main evidence for IBM's AI story.