Quick Read – IBM surged 44% in a month to record highs near $330, fueled by a viral Trump clip calling CEO Arvind Krishna a “legend.” – The U.S.
Commerce Department’s $2 billion quantum computing support package, which includes IBM, signals serious government momentum behind the sector. – At 27x trailing P/E, IBM still looks fairly valued for a legacy tech firm reinventing itself at the forefront of AI and quantum computing. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn’t make the cut
Grab the names FREE today. It didn’t take long for shares of International Business Machines (NYSE:IBM) to return to their winning ways. With a video clip from President Trump referring to CEO Arvind Krishna as a “legend” resurfacing online in viral fashion, questions linger as to what’s up with the sudden awakening of a name that was seemingly left behind despite its AI and quantum ambitions.
Of course, it’s quite rare that old news would be enough to move the needle that much on a behemoth of a company worth just shy of $300 billion. But the big catalyst, which may not have been fully digested yet, was the big boost from the U.S. government. Before pulling back on Wednesday, shares of IBM had gained close to 44% in a single month, blasting off to new record highs close to $330 per share.