Shares of legacy tech giant International Business Machines Corp. (IBM) made their biggest jump in eight years this week on third-quarter earnings that blew past the Street’s forecasts. In an interview with CNBC, the Armonk, N.Y.-based company’s chief financial officer indicated that the tech giant should continue to benefit massively from a weak U.S. dollar given the firm’s large overseas exposure. He added that as IBM’s spending growth has likely peaked, the company will continue to invest in new initiatives.

“We now have, for the first time in probably five years, a good tailwind in terms of the dollar,” said IBM CFO Martin Schroeter in an interview with CNBC "Mad Money" host Jim Cramer. As about two thirds of IBM’s business is done outside of the U.S., a weak dollar is additive to the technology giant’s earnings per share (EPS).

“We have a global platform. Part of the reason people come to us for our services business and a part of the reason people come to us for our maintenance business is because of the global platform we can deliver. Hopefully we’re in a longer term sustainable trend,” said the CFO.

Recreating Why IBM Exists

The tech executive is also upbeat on the growth of IBM’s cognitive technology business. He indicates that in Q3, management learned the true breadth of cognitive adoption as clients such as the Royal Bank of Scotland continued to use IBM’s artificial intelligence platform Watson.

While the CFO suggests IBM will continue to re-invest and grow its business, he indicates “we have the bow of the ship through the wave, if you will, on the growth in spending.”

After a series of acquisitions, Schroeter said it’s now important to reallocate spending in order to support the new entities and develop their offerings. As cloud computing and AI now account for nearly half of Big Blue’s revenues, the CFO is confident in a long-term shift after “spending a lot of time and a lot of money in order to recreate the reason IBM exists.” (See also: Blockchain Is IBM’s ‘Best Hope for Recovery’: UBS.)

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