IBM

IBM第二季營收僅年增1%，軟體成長低於預期、基礎設施年減7%且毛利率下滑，顯示核心業務失速。

IBM's revenue growth collapsed from 9.4% to 1% as clients deferred mainframe spending and redirected capital toward servers, storage, and memory.

IBM's software growth slowed from roughly 10% to 5% while infrastructure revenue fell 7%, pointing to market-share loss, declining margins, and no obvious long-term growth engine.

IBM 当季业绩超预期且股价不贵，但全年销售指引下调、技术面偏弱，短期缺少推动上涨的基本面催化。

IBM missed both EPS and revenue guidance yet rallied after an earlier 20% drawdown, leaving the reaction difficult to trust without further analysis.