The document discusses IBM's Watson artificial intelligence system from an academic perspective. It summarizes that Watson is interesting from a research perspective because of its underlying "cognitive pipeline" approach to parallelizing reasoning using a large memory, as a different approach to memory-based reasoning, and as a validation of the paradigm of AI as a collection of small processes linked through learned contexts rather than as a monolithic system. The document argues that Watson demonstrates that intelligence relies on an ability to appropriately retrieve relevant information from memory, and opens up new areas for cognitive computing research.