IBM reported third-quarter revenue of $17.1 billion, above the $16.8 billion consensus, and adjusted earnings of $2.95 per share versus the $2.86 estimate, with sales up 5.9% and earnings up 11% year over year. The stock rose as much as 7.3% in after-hours trading, but reversed sharply after CEO Arvind Krishna said corporate clients are worried some AI spending is completely out of control with no real return. The article adds that Tesla's forecast hinting at cooler data center capital expenditures weighed on AI investors, and Nvidia, Oracle and CoreWeave also began falling around 6:00 p.m. ET, when the call ended.
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