“That is going to fuel second half, and that's why second half pipeline is so strong in Automation and Data around that synergistic value of IBM, Red Hat and Hashi together.”

In context

“ew investments in innovation in the second half of this year. When you look at '26 at a big picture, I'll reiterate what we said at Investor Day. We feel good about the Software portfolio, and Arvind just gave you some of the key KPIs underneath that about how we feel even more confident heading into '26 with that. But the other big drivers are: one, GenAi, not only software but we've now got north of a $7.5 billion book of business, and it's generating increased penetration across our portfolio, both Software and Consulting, which I'll talk on. Two, our M&A growth synergies. We accelerated some opportunistically into this year. We're very excited about the portfolio that we've been able to acquire and the synergistic value of what that's going to bring to automation, to Wamsi's question. That is going to fuel second half, and that's why second half pipeline is so strong in Automation and Data around that synergistic value of IBM, Red Hat and Hashi together. So that synergistic play of M&A is going to play out in '26. Three, the integrated value of that multiplier effect of having a mainframe platform. We have taken up the year on infra on mainframe. We see a very strong start. And that $3 to $4 platform multiplier plays out in '26 and '27. And then finally, Consulting backlog, $32 billion, which leads me to your last question. And let me take a little bit of a moment to talk about this because there's been a lot of competitors that have come out already in the marketplace. In our Consulting overall, revenue was flat. We stabilized coming off of fourth quarter, down [ 1 ]. I would tell you we're still operating, as we said in prepared remarks, in a very dynamic environment. Clients are reprioritizing that spending. They're focused on cost eff”