3 Stocks To Avoid - June 2024 Edition
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Published first at https://www.3minutebreakdowns.com 3 stocks to avoid, June 2024 edition IBM stock has soared 30% over the past year as the company positions itself as an AI winner. On the latest earnings call, management talked up bookings from generative AI and WatsonX. However, it looks like AI growth at IBM has already started to slow. Sales doubled in the fourth quarter but in the latest quarter growth slipped to double digits. And at 1 billion of revenue it doesn’t move the needle. In fact, AI could hurt IBM more than it helps it, since more than a third of IBM’s revenue comes from consulting services which might be at risk from new AI solutions. Total revenue for IBM is expected to grow in the mid-single digits which isn’t great in the context of the current artificial intelligence boom. Meanwhile, numerous acquisitions over the years have left the company with a bloated balance sheet and $60 billion dollars of debt. #stocks #investing #3mb