🚨 $IBM CRASH MAY BE FAR FROM OVER IBM just reported the Q2 earnings, and the numbers are weak: 🔴 Revenue: $17.16B vs. Est $17.86B 🔴 Adjusted EPS: $2.93 vs. Est. $3.02 🔴 Infrastructure: -7% 🔴 IBM Z: -42% 🔴 Transaction Processing: -8% But most of this was already known. IBM pre-released the results last week, triggering a record 25% one-day crash and erasing roughly $67 billion in market value. The actual post-earnings update was guidance: • 2026 constant-currency revenue growth cut to 4%-5% from more than 5% • Free cash flow still expected to increase by approximately $1B • Full-year pre-tax margin expansion is now expected to improve There are still pockets of strength: • Red Hat revenue grew 11% • Distributed Infrastructure grew 37% • Power and Storage built a nearly $500M order backlog • Operating pre-tax margin expanded 30 basis points IBM says large deals were delayed as enterprises redirected budgets toward servers, storage, memory, and cybersecurity. The maintained cash-flow target prevented another collapse, but the disappearing earnings bounce shows investors still aren’t convinced this was only a timing problem. IBM now needs to prove those delayed deals can close in the second half. Otherwise, the guidance cut confirms something worse: AI infrastructure spending is actively draining budgets from traditional enterprise software.