tech

IBM shares plunge 25% as customers shift spending to AI

Chief executive Arvind Krishna says company ‘faltered’ as clients raced to buy servers and storage

IBM shares plunge 25% as customers shift spending to AI

TL;DR

  • IBM shares fell by 25% due to a shift in customer spending towards AI.
  • Chief executive Arvind Krishna stated that the company 'faltered' during this transition.
  • Clients prioritized purchasing servers and storage for AI applications.