“So all those 3 parts of the portfolio, I would give you equal or higher growth rates going into 2026.”

In context

“out. If I look at the underlying macros, all the parts we talked about Red Hat, I see them maintaining themselves into 2026. This is not unique to this quarter or a month. And so I would expect to see that same growth carry on there. If I look at Automation, that is really driven by the complexity of our clients' technology environments and then them wanting to run them at extremely high resilience. They want to run them at much lower labor cost expense, and the amount of compute to their environments is increasing, so they need technology. We label that Automation to go run all that. We can see that the desire to unlock value from all of the data, to unlock data for AI as well as to deploy AI inside the enterprise, which is where we are focused, is going to only accelerate, not decrease. So all those 3 parts of the portfolio, I would give you equal or higher growth rates going into 2026. Now you come to TP and Jim addressed that. TP tends to be slightly lagging with the capacity that is being deployed on mainframes. So as that capacity gets deployed, I would fully expect TP to return to its long-term model, which is in between low and mid-single digits. So if you put all that together and then if you add what other M&A we might do, because since you raised that, let me just -- you touched organic and inorganic, I am very optimistic about the current M&A environment. Of course, all regulators will always watch for misbehavior and for areas where they see too much consolidation. That said, what we've seen over the last 4 months has made us optimistic that we are now in a rational regulation environment where M&A that makes sense will get approved in reasonable time frames.”