‘We faltered, did not move quickly:’ How IBM CEO Arvind Krishna’s statement led to $70 billion wipeout

IBM shares rebounded nearly 2% in premarket trade after plunging 25% in their worst single-day fall in 58 years, wiping out nearly $70 billion in market value. The selloff was triggered by weaker-than-expected preliminary Q2 results and concerns that customers are shifting spending from IBM’s traditional businesses to AI infrastructure.

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