IBM’s third-quarter revenue rose 9% to $16.3 billion, beating forecasts and driven by a surge in AI-related demand that pushed its AI business to $9.5 billion. Yet, investor sentiment cooled as growth in its Red Hat cloud unit eased to 14% from 16%. Mainframe sales soared 61%, lifting infrastructure revenue, but slowing software momentum sent IBM shares sliding nearly 7% in pre-market trading.
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