Investment Ops. or Portfolio Mgmt for Sophomore Summer -- Recruiting for IB SA 2027

I am currently recruiting for IB SA 2027. I’ve already signed for an Investment Ops. internship at a decent AM for 2026; however, I just received an offer for a Portfolio Management internship at a different AM. In the PM role, I would be placed into one of the following groups:

• Private Markets (research strategies, portfolio analysis, and reporting),
• Equities / Fixed Income (performance reporting, risk–return analysis, attribution, and trade analytics),
• Technology (model improvement and data analysis), or
• Sales & Marketing Analytics (using data to identify opportunities, improve engagement, and evaluate product fit).

I am leaning toward PM because I have heard that Ops. can be a dead end, but am concerned about the value of PM if I'm not placed into the Private Markets or Equities/Fixed Income group + that the PM role doesn't offer relocation assistance while the ops. role does.

Which offer should I choose?

Also, I've already applied to several IBs with a resume that says “Incoming Investment Operations Intern.” If I renege on ops. and take the PM offer, what should I do about those applications? Is there a way to update them w/o getting a reputation of reneging?