IBM Bifurcates Itself To Focus On AI and Cloud Computing

Tech giant IBM on October 9 declared that the company will bifurcate itself into two public companies at a cost of $5 billion. Reportedly, the decision aims to focus on cloud computing and artificial intelligence. CEO Arvind Krishna stated that the new company, named NewCo, will have 90,000 employees and annual revenue of $19 bn while debuting the market next year. Post announcement, IBM registered a 6% rise in shares.