IBM Stock Rises on Strong AI Growth and Upbeat 2024 Guidance
• IBM shares gained after better-than-expected Q4 earnings and 2024 revenue guidance, driven by AI product and service demand • Generative AI business doubled in Q3; scored lucrative consulting and software deals • Infrastructure business grew 3% with strong demand for AI-enabled servers and storage • IBM projects 2024 revenue growth of 4-6%, ahead of 3% estimate • IBM stock could break out above rising wedge pattern to test $200 resistance