IBM CEO Arvind Krishna: Why the economy has slowed, and how AI is benefiting [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
"Interest rates are higher for longer than most people supposed in the middle of last year. So as you take that into account, if interest rates are 2%, 3% higher for the five and 10-year (bond), then people thought that means all of the debt is going to carry an extra price," IBM CEO Arvind Krishna told Yahoo Finance at the Milken Institute Global Conference on Monday. "So I think CFOs are belt-tightening against that. Now, that's not systemic. That's not really secular, but it is a problem that's going to be there for a year or two," he added. However, he remains "quite optimistic" about the US and global economy. IBM's first quarter shed light on the mixed economic backdrop in the US as higher interest rates take hold. ADVERTISEMENT Big Blue's first quarter sales rose 1% from the prior year to $14.5 billion, falling just shy of Wall Street estimates. The company's lucrative consulting business saw sales unchanged amid more tepid corporate spending plans. Infrastructure sale
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