When AI moves from dreams to financial reports, where does IBM's exam get difficult?

As the AI concept reaches a ceiling, any company is required to deliver an "exponential growth" report card. IBM's challenge is that it is not a pure AI company but has a diversified business structure. Increasing AI contribution takes time, but market patience is limited.
The core concern for investors is the competitive landscape. Emerging companies are agile with cloud-native architectures; traditional giants need to upgrade within their existing systems. IBM's advantage lies in its enterprise relationships and industry deep cultivation, but its disadvantage is that its pace of innovation is scrutinized more intensely.
This recent plunge feels more like a "high expectations health check." As long as a certain metric isn't impressive enough, it gets amplified into a trend problem. However, the value of enterprise AI often manifests in long-term contracts and ongoing services, rather than quarterly bursts.
To put it humorously: the market hopes IBM is a short-distance champion, but it’s better at marathon running. Losing a sprint doesn’t mean the end is hopeless. The key is whether it can continue to deliver on its promises during the transformation journey. #AI担忧导致IBM暴跌11%