By Chibuike Oguh
NEW YORK (Reuters) – Shares of IBM rose 12% to a more than 10-year high on Thursday after the company reported a better-than-expected outlook on its revenue backed by strong demand for its artificial intelligence (AI) services.
Orders from IBM’s generative AI business, which includes bookings and sales from services such as those powered by its Watsonx AI platform, doubled in the fourth quarter and is expected to help its revenue grow by around 4%-6% in 2024, the company reported late on Wednesday.
IBM shares rose as high as $194.93, the highest level since June 2013, adding about $19 billion to the company’s market capitalization. The stock is now up about 18% year-to-date.
(Reporting by Chibuike Oguh in New York; Editing by Lance Tupper)
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