Well, I’d say there is always a lot going on, right? We’re always busy overall. I couldn’t be more excited, though, about where we’re at as a company, about where the industry is at overall and the opportunity set that is in front of us. In particular, around two things I would call out, most underappreciated. One is our distinctive point of view around cloud. And hopefully, I gave the investors a little bit of perspective around our differentiated point of view that the world will be hybrid. It is going to be multi-cloud, multi-environment, and we’ve got a portfolio and an economic multiplier equation led by an ecosystem network effect that is going to be able to position us as a leadership position to address a $1 trillion TAM opportunity. But I think the second thing, Tien-tsin, and I know we didn’t get to any questions around our strategic announcement of the separation of Kyndryl.
Without going through all the specifics as to why we did that, etcetera, which we covered with investors last October, I think the most important thing from a financial perspective that is underappreciated is what is the business model composition post separation. And if you look at the IBM company, again, we’ve got a lot of work to do, which, by the way, we remain on track to execute the separation by the end of the year, the most underappreciated pieces, post separation, the IBM company is going to be roughly 50% revenue and about two-thirds EBITDA profile, a software-based business, which goes right to the heart of our hybrid cloud thesis overall.
And when you look at IBM today, we’re trading at a multiple that’s analogous to a hardware infrastructure and services provider. So we think we’ve got tremendous opportunity to unlock value through the announcement of the Kyndryl separation and really hone in on this hybrid cloud platform-centric company overall.