IBM just had its worst single day drop in over 25 years.


Down 20% in premarket. From $290 to $230.
The reason? Q2 revenue came in at $17.2 billion. Analysts expected $17.86 billion.
CEO Arvind Krishna blamed clients who shifted their spending toward servers and memory chips instead of IBM's software.
A 113-year-old company just got punished because its clients chose hardware over software.
The AI infrastructure race is so intense that even IBM's own customers stopped buying IBM to buy the picks and shovels instead.
IBM-25.23%
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