IBM Shares See Steepest Drop in 58 Years After CEO Admits AI Missteps

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IBM reported quarterly revenue of $17.2 billion for the three months ending June, reflecting a modest one percent increase. The sluggish growth disappointed investors and triggered a sharp sell-off in the company's stock. CEO Arvind Krishna acknowledged that the tech giant had faltered in its artificial intelligence efforts, adding to market concerns. The admission contributed to IBM's steepest single-day stock decline in nearly six decades.

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