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International Business Machines Corporation (IBM.NYSE) AI OPINIONS & ADVISOR ANALYSIS

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 20 September 2026Deep analysis 20 September 2026

Publisher

Russlan Ramdowar

25 min readAudit All Past Forecasts

14 AI Advisor Reports

Select an advisor report.

SynthesizerCombines all advisor views

Synthesis of 14 independent opinions

Diversity of ModelsSame approach, varied models

Diversity of FrameworksDifferent investing styles

AI Researcher

Opus 5

Universal Investor AI

The Polymath Framework

Model rating

Buy

5-Year Return Est.

+54.8%

Includes 2.09% annual net dividend contribution

1. Investment Thesis — Base Case

IBM's case has narrowed to one question: is the annuity real? The evidence says largely yes — 80% recurring software, $24.6bn ARR growing 8%, a dividend unbroken since 1916 — while the violence sits in a mainframe cycle that borrowed Q2 from Q1 and a consulting book that has stopped growing [9][3]. The 2026 de-rating from roughly $330 to $230 priced the disappointment thoroughly but left the annuity underpaid. Base case: mid-single-digit revenue growth, high-single-digit EPS compounding, a broadly flat multiple, and total return led by cash distribution rather than re-rating.

TTM of $13.6bn on a $219bn market cap yields 6.2%, comfortably funding a 2.9% dividend.
Holding roughly 19-20x earnings while EPS compounds mid-to-high single digits supports about 40% price appreciation by 2031.
That implies near $306bn market capitalisation on roughly $85bn revenue — 3.6x sales, below software-heavy peer multiples.

Historical prices and published forecast

Observed price
Published advisor forecast

Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in USD.

View chart values

Historical prices and published forecast — published chart values
Series	Date	Value (USD)
Observed price	2021-09-16	130
Observed price	2021-10-09	136
Observed price	2021-10-15	137
Observed price	2021-10-26	120
Observed price	2021-11-19	117
Observed price	2021-12-06	121
Observed price	2021-12-12	122
Observed price	2022-01-04	138
Observed price	2022-01-21	130
Observed price	2022-02-02	137
Observed price	2022-02-08	138
Observed price	2022-02-25	123
Observed price	2022-03-09	125
Observed price	2022-03-26	131
Observed price	2022-04-12	126
Observed price	2022-04-24	137
Observed price	2022-05-05	138
Observed price	2022-05-17	133
Observed price	2022-06-03	141
Observed price	2022-06-15	136
Observed price	2022-07-02	139
Observed price	2022-07-25	129
Observed price	2022-08-06	131
Observed price	2022-08-18	138
Observed price	2022-08-29	130
Observed price	2022-09-21	124
Observed price	2022-10-14	120
Observed price	2022-10-20	129
Observed price	2022-10-26	134
Observed price	2022-11-18	148
Observed price	2022-12-11	150
Observed price	2022-12-17	142
Observed price	2022-12-29	141
Observed price	2023-01-09	145
Observed price	2023-01-21	141
Observed price	2023-02-01	135
Observed price	2023-02-19	133
Observed price	2023-03-14	125
Observed price	2023-03-20	124
Observed price	2023-04-06	131
Observed price	2023-04-18	127
Observed price	2023-05-11	122
Observed price	2023-05-17	125
Observed price	2023-06-09	136
Observed price	2023-06-14	137
Observed price	2023-06-26	132
Observed price	2023-07-13	134
Observed price	2023-07-31	144
Observed price	2023-08-17	141
Observed price	2023-09-03	148
Observed price	2023-09-21	148
Observed price	2023-10-02	141
Observed price	2023-10-20	139
Observed price	2023-10-31	145
Observed price	2023-11-06	147
Observed price	2023-11-29	157
Observed price	2023-12-17	161
Observed price	2023-12-28	163
Observed price	2024-01-03	160
Observed price	2024-01-26	187
Observed price	2024-02-01	187
Observed price	2024-02-18	183
Observed price	2024-03-01	189
Observed price	2024-03-12	197
Observed price	2024-03-30	190
Observed price	2024-04-22	182
Observed price	2024-05-09	167
Observed price	2024-05-21	173
Observed price	2024-06-01	166
Observed price	2024-06-19	173
Observed price	2024-06-25	172
Observed price	2024-07-18	183
Observed price	2024-08-04	188
Observed price	2024-08-16	194
Observed price	2024-08-21	196
Observed price	2024-09-14	213
Observed price	2024-09-19	218
Observed price	2024-10-13	234
Observed price	2024-10-18	230
Observed price	2024-10-30	205
Observed price	2024-11-16	210
Observed price	2024-12-04	233
Observed price	2024-12-15	229
Observed price	2025-01-07	221
Observed price	2025-01-13	222
Observed price	2025-02-05	257
Observed price	2025-02-17	261
Observed price	2025-03-06	251
Observed price	2025-03-18	250
Observed price	2025-04-04	237
Observed price	2025-04-10	228
Observed price	2025-05-03	246
Observed price	2025-05-09	250
Observed price	2025-05-20	264
Observed price	2025-06-07	272
Observed price	2025-06-30	295
Observed price	2025-07-06	293
Observed price	2025-07-29	262
Observed price	2025-08-04	252
Observed price	2025-08-15	239
Observed price	2025-09-02	242
Observed price	2025-09-25	271
Observed price	2025-10-12	277
Observed price	2025-10-24	297
Observed price	2025-10-29	310
Observed price	2025-11-16	296
Observed price	2025-12-09	309
Observed price	2025-12-21	303
Observed price	2026-01-13	303
Observed price	2026-01-18	293
Observed price	2026-01-30	305
Observed price	2026-02-16	263
Observed price	2026-02-22	236
Observed price	2026-03-06	258
Observed price	2026-04-09	231
Observed price	2026-04-15	250
Observed price	2026-04-21	252
Observed price	2026-05-14	219
Observed price	2026-05-20	227
Observed price	2026-06-01	318
Observed price	2026-06-18	250
Observed price	2026-07-05	299
Observed price	2026-07-23	208
Observed price	2026-08-09	236
Observed price	2026-08-26	238
Observed price	2026-09-01	232
Observed price	2026-09-13	248
Observed price	2026-09-24	227
Observed price	2026-09-25	226
Published advisor forecast	2026-09-18	230
Published advisor forecast	2026-12-18	239
Published advisor forecast	2027-03-18	244
Published advisor forecast	2027-06-18	246
Published advisor forecast	2027-09-18	253
Published advisor forecast	2027-12-18	258
Published advisor forecast	2028-03-18	261
Published advisor forecast	2028-06-18	266
Published advisor forecast	2028-09-18	256
Published advisor forecast	2028-12-18	266
Published advisor forecast	2029-03-18	274
Published advisor forecast	2029-06-18	276
Published advisor forecast	2029-09-18	282
Published advisor forecast	2029-12-18	290
Published advisor forecast	2030-03-18	282
Published advisor forecast	2030-06-18	290
Published advisor forecast	2030-09-18	296
Published advisor forecast	2030-12-18	305
Published advisor forecast	2031-03-18	308
Published advisor forecast	2031-06-18	314
Published advisor forecast	2031-09-18	320

2. Scenarios & Signals

Bull case

The bull case activates when Q3 and Q4 2026 prove the mainframe decline was arithmetic, not autopsy. Normalised Z comparisons restore infrastructure growth and drag high-margin transaction-processing software with them; software holds the guided 6-8% range; free cash flow delivers the promised increase. That combination rebuilds credibility just as policy rates ease from 2028, lifting the multiple on long-duration cash flows. Add early Starling-era quantum contracts and the market re-rates IBM from value trap to compounder.

Bear case

The bear case activates if the 42% Z collapse proves secular rather than cyclical. Losing mainframe revenue also strips the attached transaction-processing software, so group margins deteriorate precisely as $62bn of debt refinances at 5%-plus coupons. Acquisition goodwill from the $10.5bn 2026 spend then faces impairment, capital returns are squeezed to protect the dividend, and quantum capex reads as value destruction. The shares compress toward low-teens earnings multiples and stay there.

Current crowd narrative

The tape says " with a dividend." After a 30% year-to-date drawdown to July and a 12-month total return of -11.1% against the S&P 500's +16.3% [3][2], the crowd has concluded IBM's AI narrative was a mainframe pull-forward in disguise. The anchoring bias is the July guidance cut. Consensus labels disguise dispersion: targets span $174 to $350 [1], Baird neutral at $230 against BofA at $330 [4].

Alpha-gap assessment

The crowd modestly underestimates these shares. The evidence chain: Q1 Z revenue +51%, Q2 Z -42%, management conceding pull-forward [5][3] — yet the de-rating punished the entire enterprise, including an $24.6bn software annuity growing 8% with 80% recurring revenue [9]. The blind spot is treating a hardware timing artifact as a structural verdict. At 20.4x trailing earnings and a 6.2% free-cash-flow yield, the price embeds near-zero credit for mainframe normalisation and none whatsoever for state-financed quantum. Offsetting that: flat first-half cash flow and $62bn of debt justify part of the discount.

Convergence catalyst

Q3 2026 results in late October are the first hard test: a Z decline that moderates rather than deepens, plus reiteration of the 4-5% constant-currency guide, invalidates the secular-decline reading. The first observable sign of repricing is infrastructure revenue turning less negative alongside software holding the 6-8% guided range.

Macro-regime alignment

The macro wind is in IBM's face through two channels. A 5.0% ten-year Treasury discounts long-duration annuity cash flows harshly and reprices $62bn of gross debt at each refinancing. Against that, resilient US enterprise spending and 4.1% unemployment protect renewal volumes. The thesis is highly sensitive to the rate path: policy easing toward 2029 is the single largest external re-rating lever.

Paywalled preview begins: Macro-regime alignment

From this section to the end-of-preview notice below, research is provided as simplified HTML text and tables. Full access provides the complete interactive interface, charts and additional datasets.

Sentiment and regime

Greed and fear sentiment: -0.3
Expected volatility regime: moderate
Convergence-cycle position: reversal

Primary drivers

Primary drivers supplied in this advisor's published forecast
Force	Rationale	Probability	Expected price impact
THE Annuity Hiding Behind THE Hardware	Strip out the mainframe noise and an annuity remains: Q2 2026 software revenue of $7.8bn grew 5%, with 80% recurring and ARR of $24.6bn up 8% [9][10]. Red Hat, automation and Confluent attach to regulated, migration-resistant workloads, so renewals compound instead of churning. That mix keeps gross margin near 58% and converts reliably to cash; switching costs, not growth fashion, sustain it through the horizon.	Not available	+20.0%
Z Cycle: Payback Becomes EASY Comparison	The evidence chain is unusually clean: Z grew 51% in Q1 2026, then fell 42% in Q2 as buyers pulled purchases forward ahead of price increases [5][3]. Pull-forward is arithmetic, not decay. From 2027 the comparison base inverts, and AI inference co-located with transaction data gives the next generation a genuine workload rationale, restoring infrastructure growth and its high-margin transaction-processing software attach.	Not available	+13.0%
Margin Expansion Without Capital Intensi	Operating margin rose from 12.2% in 2023 to 18.5% in 2025 while capex consumed only 1.62% of revenue, and management still guides to roughly 100bps of operating pre-tax margin expansion in 2026 [10]. The mechanism is mix plus internal AI-driven automation of delivery and support functions. Because the gains are structural rather than one-off cost cuts, they should persist and lever modest revenue growth into faster EPS growth.	Not available	+11.0%
A 1916 Dividend ON A 6% CASH Yield	TTM free cash flow of $13.6bn against a $219bn market capitalisation is a 6.2% cash yield, funding a dividend raised to $1.69 quarterly, the thirty-first consecutive annual increase and consecutive payments since 1916 [7][13]. Note the supplied 1.44% yield is a data artifact; the real figure is roughly 2.9% [22]. In a 4% policy-rate world this coverage anchors valuation and attracts income capital during drawdowns.	Not available	+9.0%

Primary frictions

Primary frictions supplied in this advisor's published forecast
Force	Rationale	Probability	Expected price impact
Sixty TWO Billion INTO A FIVE Percent CU	IBM closed Q2 2026 with $62.0bn total debt against $8.2bn of cash and securities [9], roughly four times TTM EBITDA of $16.2bn, while the US 10-year sits near 5.0% and the Fed has tightened to 3.75%-4.00%. Each refinancing tranche resets coupons upward, and a higher risk-free rate mechanically compresses the multiple investors pay for a long-duration, slow-growth cash-flow stream. This drag persists until policy rates fall.	Not available	-13.0%
Agentic AI Deflates THE Billable HOUR	Consulting revenue of $5.3bn was flat in Q2 2026, up only 1% at constant currency [9], and that is the number that should worry holders. Generative and agentic tooling compresses the labour arbitrage that underpins systems-integration pricing; clients demand outcome-based contracts as delivery hours fall. Roughly a third of revenue therefore faces structural price deflation, capping group growth even when software performs.	Not available	-11.0%
Hyperscaler Gravity ON THE AI Stack	The AI capital cycle is concentrating economics in Nvidia silicon and the three hyperscale clouds; IBM's watsonx and OpenShift participate but do not set terms. Enterprise AI budgets flow first to Azure, AWS and Google, leaving IBM as an integration layer earning thinner economics on someone else's platform. That structural position, visible in 1% group revenue growth in Q2 2026 [8], limits how much of the AI boom reaches IBM's earnings.	Not available	-11.0%
Growth Bought NOT Earned PER Share	IBM deployed $10.5bn on acquisitions in 2026 including Confluent [9][12], while net buyback yield was only 0.48% and share count barely moved. Revenue and earnings arrive, but the residual claimant pays full private-market prices and absorbs goodwill and integration risk. The pattern is persistent: acquisition-funded growth has substituted for organic expansion for a decade, leaking value between the income statement and per-share economics.	Not available	-9.0%

Tail opportunities

Tail opportunities supplied in this advisor's published forecast
Force	Rationale	Probability	Expected price impact
Quantum Stops Costing AND Starts Earning	Anderon, IBM's quantum foundry subsidiary, finalised a $1bn CHIPS R&D award on 16 September 2026, supplemented by $1bn of IBM capital, with first wafers already running [14][16]. The roadmap is falsifiable: Starling demonstrating magic-state injection in 2028 and scaling to 200 logical qubits in 2029 [18]. Should 2029-2030 deliver commercially contracted fault-tolerant workloads in pharma, materials or cryptanalysis, sum-of-parts models would assign the unit real value. It stays below 50% because physics timelines slip and the market currently prices quantum as capital consumption, marking IBM down 3.3% on award day [17].	30.0%	+45.0%
Kyndryl 20: Cutting THE Anchor Loose	IBM has separated a structurally challenged business before. If consulting growth remains flat through 2027-2028 while software compounds near 8%, the board faces an obvious arbitrage: a software-and-infrastructure IBM would command a materially higher multiple than a conglomerate diluted by deflating services. A 2028-2029 spin or sale, accompanied by restored buybacks, would re-rate the remaining equity on both mix and per-share arithmetic. Probability stays modest because Krishna's stated strategy is portfolio integration across software, infrastructure and consulting [7], and management has shown no separation intent.	22.0%	+28.0%

Tail risks

Tail risks supplied in this advisor's published forecast
Force	Rationale	Probability	Expected price impact
Mainframe Decline Turns OUT Structural	The 42% Q2 2026 Z collapse is attributed to pull-forward [3], but that explanation is management's, not demonstrated. If 2027-2028 refresh cycles come in materially below prior generations because AI-era workloads migrate to cloud-native transaction platforms, IBM loses both hardware revenue and the attached high-margin transaction-processing software. That combination would cut group operating income sharply and force a de-rating toward low-teens earnings multiples. It remains below 50% because regulated core-banking and payments workloads have resisted migration for three decades.	28.0%	-30.0%
Goodwill Meets THE Refinancing WALL	Should acquisitions made at 2025-2026 private-market prices underdeliver while rates stay near current levels through 2028, IBM faces simultaneous impairment charges and higher refinancing coupons on a $62bn debt stack [9]. Equity of $32.6bn against $152bn of assets leaves limited absorption capacity, and a downgrade would raise funding costs further. The dividend would likely survive, but growth investment and any buyback would not, removing the valuation floor. Probability is contained by robust $13.6bn TTM free cash flow and 6.3x interest coverage.	20.0%	-26.0%

Step-by-step forecast path

Universal Investor forecast path for prediction task predrqst_batch_task__xrefsubjtskconf_82b63e9e-50c1-532d-b04a-f93587dfa918__sb7__20260920064920277661
Step	Forecast date	Step change	Projected value (USD)	Scenario rationale
1	December 18, 2026	+4.0%	238.73	Q3 results in late October become the first hard test. Expectations sit low after the guidance cut to 4-5% constant currency, leaving room for relief as Z comparisons moderate and year-end software renewals close strongly.
2	March 18, 2027	+2.0%	243.51	January's Q4 print must deliver the back-loaded free-cash-flow promise of roughly $1bn growth. Delivery plus an FY27 guide anchored on software confirms the annuity, though a near-5% Treasury still caps how far the multiple can expand.
3	June 18, 2027	+1.0%	245.94	Spring stalls. Consulting bookings remain the weak link as clients reroute budgets toward hyperscaler AI stacks, while Cockatoo-generation quantum milestones read in investor models as capital consumption rather than as any near-term revenue claim.
4	September 18, 2027	+3.0%	253.32	Anticipation of the next mainframe generation builds and easier infrastructure comparisons lift reported growth. Fed policy plateaus as headline inflation recedes from 3.4%, easing the discount rate applied to IBM's long-duration annuity cash flows.
5	December 18, 2027	+2.0%	258.39	Year-end software renewals and a thirty-third consecutive dividend increase support the floor. Gains stay modest because per-share growth continues leaking into acquisition spending rather than buybacks, limiting how far the earnings multiple can re-rate.
6	March 18, 2028	+1.0%	260.97	FY28 guidance likely reiterates mid-single-digit revenue growth with continued operating margin expansion. Credible but unexciting: the market pays for durability, not acceleration, so shares grind higher with earnings instead of re-rating.
7	June 18, 2028	+2.0%	266.19	A new Z generation ships, restoring infrastructure growth and its transaction-processing software attach. Starling's magic-state-injection demonstration lands as a tangible technical proof point, though still without any measurable revenue contribution to model.
8	September 18, 2028	-4.0%	255.54	US election-year policy uncertainty, scrutiny of CHIPS awards including the federal minority equity stake in Anderon, and a cyclical pause in enterprise IT budgets combine to compress the multiple on a slow-growth incumbent.
9	December 18, 2028	+4.0%	265.76	Post-election policy clarity restores federal and regulated-industry spending. Mainframe revenue peaks seasonally into the fourth quarter, free cash flow comfortably covers the dividend, and income-oriented buyers return to a visibly cheap cash yield.
10	March 18, 2029	+3.0%	273.74	Starling's scaling year begins, with 200 logical qubits and 100 million gates the stated milestone. Credible progress converts quantum from a cost line into a valued option within sum-of-parts valuation frameworks.
11	June 18, 2029	+1.0%	276.47	Consolidation quarter. Hardware comparisons turn difficult again after the cycle peak, and consulting pricing stays under pressure as agentic automation deflates billable hours across the systems-integration industry, limiting group upside.
12	September 18, 2029	+2.0%	282.00	Software compounds off a higher ARR base with steady renewal economics intact. Lower policy rates, assuming inflation has settled nearer target by now, modestly lift the present value of IBM's long-dated annuity cash flows.
13	December 18, 2029	+3.0%	290.46	Year-end close plus an extended record of dividend increases attracts defensive demand. Debt refinanced at coupons below the 2026-2027 vintage relieves interest expense, feeding directly through to earnings per share growth.
14	March 18, 2030	-3.0%	281.75	A pause after three years of steady compounding. Expectations now embed meaningful quantum optimism; a slipped roadmap date or a soft FY30 guide triggers a routine de-rating in a structurally low-growth name.
15	June 18, 2030	+3.0%	290.20	Recovery as fundamentals reassert themselves. Fault-tolerant quantum services begin generating early commercial contracts through the Anderon foundry and cloud access, supplying the first genuine revenue evidence rather than further roadmap promises.
16	September 18, 2030	+2.0%	296.01	Steady state reached: mid-single-digit revenue growth, expanding operating margin, and free cash flow approaching $17bn. The multiple holds near twenty times as capital returns rather than growth carry the total return.
17	December 18, 2030	+3.0%	304.89	The next mainframe generation plus AI-inference-on-Z positioning lift infrastructure again. Enterprise repatriation of sensitive AI workloads to on-premises hardware becomes a visible, measurable tailwind for IBM's regulated installed base.
18	March 18, 2031	+1.0%	307.94	Guidance maturity. Growth settles into a predictable band and the stock behaves like a bond proxy carrying an equity call option on quantum, advancing with earnings but attracting no further multiple expansion.
19	June 18, 2031	+2.0%	314.09	Blue Jay-era development spending intensifies ahead of the 2033 target, testing investor patience on returns. Offsetting this, compounding software ARR and buyback capacity restored after the acquisition wave support the shares.
20	September 18, 2031	+2.0%	320.38	Horizon close. IBM ends the period as a cash-generative, modestly growing incumbent delivering roughly 40% cumulative price appreciation plus dividends, with quantum commercialisation still the largest genuinely unpriced variable in the equity.

Advisor and configuration

Advisor: universal_investor__the_polymath__anthropic_claude_opus_5__20260724_release
Persona: Universal Investor
Archetype: The Polymath
Model: 2026-07-24 release
Provider: Anthropic
Mode: RESEARCHER (Web Search Enabled) with High Reasoning and Standard Creativity
Task configuration: universal_investor__the_polymath__anthropic_claude_opus_5__20260724_release__equity__json__extnd_invest_thesis_4q_alphassym__ts_num_desc__h5y_s3m__var1__researcher__standard_creativity_high_thinking__batch
Forecast horizon: 5 year
Forecast steps: 20 steps of 3 month
Assembly type: Balanced Assembly
Assembly name: universal_investor__the_polymath__anthropic_claude_opus_5__20260724_release RESEARCHER Forecast Assembly
Input format: inmemory_base_placeholders__latest_eod_close_price_with_stats_and_fundamentals__var1
Output format: Equity Extended Investment Thesis (4 Quadrants and Alpha Asymmetry) + Pct Change Timeseries for Close Price with Rationale, (5Y Quarterly)

Read the complete Universal Investor advisor methodology

Configuration components

aiassmprmtcmpnt_b995bbe2-6a15-55be-a576-525904f696e8
aiassmprmtcmpnt_c55d1851-d218-5d30-b83b-54bbda31e2ee
aiassmprmtcmpnt_930157b1-05d7-5699-bf0a-738645ee42fd
aiassmprmtcmpnt_3c0c459a-0d4a-50ca-87df-c172ec5618aa
aiassmprmtcmpnt_8115cc2a-d418-54b1-a616-49dfa91195f4

Research sources

[1]International Business Machines (IBM) Stock Forecast & Price Targetsstockanalysis.com
[2]IBM Stock Forecast 2026-2027 - International Business Machines Corp. Price Targets & Predictionstickernerd.com
[3]IBM Q2 earnings report 2026cnbc.com
[4]IBM stock holds near USD 242.77 as analysts stay upbeatad-hoc-news.de
[5]IBM Beat on Revenue, EPS, and Free Cash Flow, The Stock Fell 6% Anyway | TIKR.comtikr.com
[6][IBM Q1 2026 Earnings Call] Free Cash Flow Hits Decade High, Software Growth Accelerates to 10%+ Outlook as AI Drives Mainframe and Data Demand — BigGo Financefinance.biggo.com
[7]IBM RELEASES SECOND-QUARTER RESULTS - Jul 22, 2026newsroom.ibm.com
[8]IBM (NYSE: IBM) previews Q2 2026 with $17.2B revenue and EPS mixstocktitan.net
[9]IBM (NYSE: IBM) posts Q2 2026 results, guides four-to-five percent revenue growthstocktitan.net
[10]IBM (IBM) Investor Relations, Earnings Summary & Outlookquartr.com
[11]IBM Newsroom IBM RELEASES SECOND-QUARTER RESULTSnewsroom.ibm.com
[12]IBM (IBM) Q2 2026 Summary | Quartrquartr.com
[13]IBM RELEASES FIRST-QUARTER RESULTSnewsroom.ibm.com
[14]Department of Commerce Announces Finalization of CHIPS R&D Award with Anderon | NISTnist.gov
[15]IBM’s Anderon Gets $1 Billion To Build US Quantum Wafersquantumzeitgeist.com
[16]Anderon, an IBM Company, Finalizes Agreement with the U.S. Department of Commerce for a $1 Billion CHIPS Award to Accelerate R&D for U.S.-Based Pure-Play Quantum Foundrynewsroom.ibm.com
[17]IBM's Anderon locks in $1 billion CHIPS Act quantum foundry dealqz.com
[18]IBM lays out clear path to fault-tolerant quantum computing | IBM Quantum Computing Blogibm.com
[19]IBM Lays Out Roadmap for Fault-Tolerant Quantum Computer by 2029blog.tmcnet.com
[20]IBM Connects Its First Modular Cryogenic Systems in Milestone Toward Fault-Tolerant Quantum Computingnewsroom.ibm.com
[21]IBM stock gains as analysts hold Moderate Buy stancead-hoc-news.de
[22]International Business Machines (NYSE:IBM) - Stock Analysis - Simply Wall Stsimplywall.st
[23]IBM Raises Its FCF Outlook for 2025 - IBM Stock Could be Undervaluedfinance.yahoo.com

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