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IBM Eyes First Record Since 2013 as AI Optimism Fuels 19% Rally

Mar 20, 2024 - bloomberg.com
International Business Machines Corp. (IBM), one of the oldest tech companies, has been outperforming many popular stocks on Wall Street. The company's stock recently reached its highest level since 2013, putting it just 6% below its all-time high. This surge is due to investors' confidence in the company's successful turnaround after years of slow growth and mediocre share-price returns.

In comparison to the 'Magnificent Seven', IBM's stock has seen a 19% increase this year, including dividends. This performance is only surpassed by Nvidia Corp. and Meta Platforms Inc. This indicates that IBM's strategic changes and improvements are starting to pay off, making it a strong contender in the tech market.

Key takeaways:

  • International Business Machines Corp. (IBM) has recently reached its highest value since 2013, and is now only 6% below its all-time high.
  • Investors are betting on IBM's turnaround after years of slow growth and share-price returns.
  • Compared to the Magnificent Seven, IBM's 19% gain this year, including dividends, is only surpassed by Nvidia Corp. and Meta Platforms Inc.
  • IBM, one of the oldest tech companies, has been quietly outperforming some of the most popular stocks on Wall Street.
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