The Data Center Isn't Shrinking — Its Center of Gravity Is Moving

A structure read for full-add Thursday — companion to this morning's Morning 10, which has the verdict-night settles and today's calendar. This is the pattern underneath them.

One income statement, both directions

The most revealing number of the four-print night was not Alphabet’s capex guide. It was a pair of numbers inside IBM’s release that point in opposite directions. Z mainframe revenue fell 42%, dragging the company to a revenue miss and a trimmed 2026 growth outlook of 4–5%. In the same quarter, IBM’s distributed infr…