copy and paste from Morgan Stanley:
IBM has been on a nearly unprecedented run in the last 3 months, outperforming the S&P 500 by 20 points since 2Q earnings. IBM is now trading at all-time valuation highs on an absolute and relative basis. This momentum has been driven by 3 prevailing bull theses:
(1) excitement around growth accelerating in CY25 with ELA/Mainframe cycles and the HCP acquisition,
(2) the view that IBM is/will be an AI beneficiary,
and (3) an expectation that RHT will be a beneficiary of volatility at VMW.
IBM has been on a nearly unprecedented run in the last 3 months, outperforming the S&P 500 by 20 points since 2Q earnings. IBM is now trading at all-time valuation highs on an absolute and relative basis. This momentum has been driven by 3 prevailing bull theses:
(1) excitement around growth accelerating in CY25 with ELA/Mainframe cycles and the HCP acquisition,
(2) the view that IBM is/will be an AI beneficiary,
and (3) an expectation that RHT will be a beneficiary of volatility at VMW.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.