However, the latest annual results give little cause for celebration. Over the last five years, the average annual sales growth rate has been just 1.8%, well below inflation.

Despite margin expansion, cash generation remains constant - perhaps a feat in itself for the venerable technology group - with free cash flow of $11.3 billion in 2023, compared with $11.7 billion five years ago.

Ten years ago, the figure was $14 billion.

This raises the question of value creation when compared with the $41 billion invested by IBM in its external growth strategy over the last five years. The least we can say is that the return on investment here appears hypothetical.

Moreover, as the number of shares outstanding has increased slightly over the last five years, with stock option compensation, free cash flow per share will reach $12.3 in 2023, compared with $13.1 per share five years ago.

It should be noted that IBM has the elegance to subtract the cost of stock option compensation - technically a "non-cash" expense - from its own free cash flow calculations. To our knowledge, this practice is an exception in the US market.

The Group's press release on the publication of its annual results is accompanied by the inevitable mentions of "hybrid" cloud and "generative" AI. IBM's orders in these areas doubled in the last quarter.

IBM's stock market momentum is undoubtedly linked to these dynamics. It's true that, with Watson, the group - and we have to give it credit for this - was a pioneer in artificial intelligence. The returns on investment appeared hypothetical here too, but perhaps a change of direction is on the horizon?

The market clearly wants to believe so, as IBM's market capitalization has leapt in the space of a few weeks from ten to fifteen times free cash flow. This level represents a glass ceiling that the company has systematically run up against over the last decade.

Will things be different this time?