Economic TimesLean R·
Why IBM shares crashed 26%: CEO highlights customer spending shifts towards AI
IBM Chairman and CEO Arvind Krishna attributed the company's weaker-than-expected second-quarter performance to an unexpected shift in customer spending towards AI infrastructure, including servers, storage and memory, to secure supply-constrained hardware, which affected its Software and Infrastructure businesses.Shares of the company fell over 26% to $213.22 following the update, which was their biggest intraday loss in 58 years, according to a Bloomberg report.IBM said preliminary second-qua…
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