IBM: Fundamentals Don't Back Up The Bull Run

  • I see International Business Machines' fundamentals and price action largely disconnected. To be honest, not a major surprise in today's markets, where I see this disconnection more and more. This is quite evident since mid-2023 - the start of the AI boom. Since then, IBM's revenue growth has been modest compared to some of its peers. Other fundamentals have shown similar, mediocre performance.