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IBM Had the Data. It Still Missed the Signal
One Thing I’m Thinking About
IBM lost 25 percent of its market value in a single trading day last week. The drop wiped out roughly $69 billion and marked the worst single-day percentage decline in the company's 115-year history. The official explanation is capex reprioritization: customers spending on AI infrastructure instead of mainframes; software growth landing short of estimates; CEO Arvind Krishna telling investors "we did not anticipate the magnitude." That explanation is accurate. It is also the least interesting part of what happened.
Look at what IBM built to prevent exactly this…
The skinny
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