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15 July
IBM lost $69 billion in market value following the 25% share price drop.
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AI-synthesised from 3 sources · no editorial bias
International Business Machines Corp. (IBM) shares experienced a significant decline on Tuesday, July 14, falling by over 25%. This marked the company's largest stock market drop in decades, with some outlets, such as Bloomberg, specifying it as the most significant fall since the 1960s.
The sharp decrease in share value is attributed to the company's preliminary second-quarter sales falling short of expectations. According to Bloomberg, IBM stated that customers were shifting their spending towards chips and servers, driven by AI-related demands. Naftemporiki reported that the company lost approximately $69 billion in market value in a single trading session.
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