From the outside, that looks like a good summary. IBM found that services are price sensitive, and IBM&#x27;s name goes only so far in holding off pricing pressure. The question is whether the new R&amp;D efforts will get sufficient resources to build enough value to more the needle. It could be that IBM&#x27;s move to services is a last move and that things like Watson won&#x27;t get the resources to be competitive with Google, Microsoft, Apple and other players in deep learning and AI.