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IBM’s purchase of Red Hat is a $33-billion bid aimed at catapulting the company into the ranks of the top cloud software competitors.

IBM has announced it will buy Red Hat, the world’s biggest Linux company, for $34-billion. That’s more than a quarter of IBM’s market capitalisation, and comes as the legacy computer giant tries to play catch-up in cloud computing.

The growth engines of and Alphabet, the world’s largest Internet companies, sputtered last quarter, and after weeks of stock market jitters, investors were in no mood to give them a pass.