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Markets · Investing · Business
Finance
IBM Fell 25% as Hardware Spending Dominated AI Budgets. Palantir Sells What Runs on Top.
The same infrastructure investments that stalled one tech giant's software deals could fuel another's.
Shares of IBM(NYSE: IBM) fell 25% on July 14 after the company released preliminary second-quarter results. CEO Arvind Krishna explained that customers shifted their spending toward servers, storage, and memory as hardware prices continued to rise.
This caused spending delays on numerous large software deals, primarily in its mainframe and transaction-processing business. While enterprise demand for artificial intelligence (AI) infrastructure takes center stage, Krishna declared that "value will increasingly shift toward the orchestration and data layers" on its earnings call.
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