IBM CEO Arvind Krishna says there is no AI bubble after all

IBM CEO Arvind Krishna says there is no AI bubble after all

By Nilay Patel
Publication Date: 2025-12-01 15:00:00

Today, I’m talking with Arvind Krishna, the CEO of IBM. IBM is a fascinating company. It’s still a household name and among the oldest tech firms in the US. Without IBM, we simply wouldn’t have the modern era of computing — it was instrumental to the development of a whole stack of foundational technologies in the 20th century, and it still has a lot of patents to show for it.

But it’s a lot harder for most of us to see what IBM has been up to in this century. Watson, the company’s famous AI supercomputer, won Jeopardy! back in 2011. Yet since then, as far as most consumers are concerned, it’s been mostly ads during football games and not a lot else.

IBM has been busy, though, just not in a way most of us can see. It’s fully an enterprise company now, as Arvind explains, and that business is booming. But there’s a huge change coming to that business as well. The AI technology that Watson pioneered, all that natural language processing and the beginning of what we…