I'm Carl Kintania. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Happy Thursday. Welcome to Tech Check. I'm John Folk, Giajitabosa and Carl Kintania. Today, NASDAQ, in the green,

as investors work through reports, two very different companies, Tesla and IBM. Tesla falling pretty

big down 4% as shares, sales fall short. The company cuts the full year delivery target. CEO

Elon Musk, sounding positive as ever though on the long term, saying the company one day

could be worth more than Apple and Saudi Aramco combined.

Yeah.

But on the flip side, IBM is up 4%.

Solid revenue growth, the software grew faster than the business overall, about 7.5%.

The real standout, though, IBM's Z16 mainframe, where revenues jumped 88%. Yes, mainframes, they're still

profitable. They're still selling. The stock has been an outperformer this year, benefiting from

both the predictability of its stable core customer base in a slowing economy and that lucrative

but rare mainframe product cycle, Carl, what's really the issue that investors need to watch, though, is software.

Post-Kindrel, there are a lot more software creation and delivery focused.

And that Red Hat deal, what was it, $34 billion, one of the biggest software deals ever is working for them.

The question is, how does all of it kind of hold up in a slowing global economy?

Arvin Krishna took on some of those questions on the call saying, yeah, Europe looks a big shaky,

but for a B-to-B company that's selling essential stuff, he still feels pretty good.

Yeah, we had a long discussion this morning with Kramer about whether or not growth is truly

returning, the strength in revenue, software up 14, for example, currency neutral.

But when margins miss, and a lot of that doesn't flow to cash flow, not to mention the

bottom line, D, that debate can be pretty intense.

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