AI 正在吞噬软件行业！Melius Research称基础设施软件商更具韧性，维持IBM(IBM.US)“买入”评级

Group 1 - The core viewpoint is that AI is disrupting traditional software businesses, with infrastructure software companies like IBM standing out positively [1] - Melius Research's Ben Reitz maintains a "buy" rating for IBM with a target price of $390, citing the company's organic growth in software business accelerating quarter-over-quarter [1] - Reitz emphasizes that infrastructure software companies will outperform traditional software vendors, which are threatened by generative AI tools [1] Group 2 - IBM's disciplined capital allocation is highlighted, demonstrating its ability to utilize free cash flow for acquisitions that enhance its infrastructure software business [2] - The company's efforts in quantum computing are noted as a long-term catalyst that has not yet been reflected in its stock price [2] - Reitz concludes that IBM is one of the few attractive options in the software sector, which lacks configurable assets outside of IBM and a few other companies [2]