International Business Machines Corporation (IBM) stock rose 13% on Thursday and reached an all-time high after the company released its fourth-quarter earnings report on Wednesday with its revenue climbing 1% year-on-year.
The results beat the analysts' expectations, driven by the tech giant's strides in utilizing AI technology. "Clients globally continue to turn to IBM to transform with AI," the company CEO Arvind Krishna said, stressing that the tech company recorded $5 billion in bookings for its new generative AI business.
IBM went up 12.38% at 11:28 am ET to sell for $257.08.