The software industry hasn't reached its DeepSeek moment, IBM China's Chairman Chen Xudong told Yicai. The market underestimates the complexity of enterprise-grade applications, where true modernization involves systematic hardware and process overhauls, not just code translation, he noted. Using IBM's 60-year-old mainframe as an example, clients are accustomed to this rhythm of regular hardware-driven updates, making the AI shift far less disruptive than it appears, he said.