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Well, as an example for the original POV, I believe printerHP is doing much better than cloudHP. So it's possible that cloudIBM will flame out.

I fully expect cloudIBM to be mostly irrelevant with their watson and cloud vaporware; and boringIBM to do boringly ok with their IT services

I think you're right

Is it clear that boringIBM will keep services, rather than cloud IBM? I can't figure it out from the announcement.