How IBM became an AI darling

⭐ Join our community and access the best we offer!

illuminem summarises for you the essential news of the day. Read the full piece on The Economist or enjoy below:

🗞️ Driving the news: IBM, known for its ability to reinvent itself, has doubled its share price in the last three years after struggling through earlier disruptions, including cloud computing
• The company’s recent transformation stems from strategic acquisitions, including Red Hat in 2019, and its focus on hybrid cloud solutions and AI-driven business applications

🔭 The context: IBM (see sustainability performance) shifted focus to hybrid cloud computing, enabling businesses to integrate cloud services without sacrificing security or control, while also launching the watsonx AI platform for business applications
• The refashioning of IBM’s consulting division, along with its focus on generative AI and quantum computing, has positioned it to thrive despite disruptions in the tech industry

🌍 Why it matters for the planet: IBM's growing AI capabilities, including small, business-oriented language models, are helping businesses enhance efficiency, potentially reducing the environmental footprint of operations
• As the company leads in quantum computing, its innovations may contribute to more energy-efficient computational solutions
• This could have a significant long-term impact on reducing global energy consumption in the tech industry

⏭️ What’s next: IBM aims to capture a significant share of the growing quantum computing market, with a “fault-tolerant” quantum computer expected by 2029
• As AI continues to evolve, IBM’s ability to integrate AI into its services and hardware offerings will be crucial to its continued growth

📈 One stat: IBM has secured over $10 billion in consulting contracts related to generative AI since mid-2023

See on illuminem's Data Hub™ the sustainability performance — carbon credit purchases, total emissions, and climate targets of thousands of companies

Click for more news covering the latest on AI & green tech