On June 1, IBM rose 7.8% in regular trading, trading at $313.42/share, with trading volume of $1.662 billion. Multiple catalysts converged to drive the stock sharply higher.
On the news front, IBM recently announced a plan to invest over $10 billion over the next five years in quantum computing, targeting completion of the world's first large-scale fault-tolerant quantum computer by 2029. The U.S. Commerce Department is providing $10 billion in funding under the CHIPS Act to support IBM subsidiary Anderon as America's first dedicated quantum chip foundry, with IBM itself contributing an additional $10 billion. Meanwhile, IBM and Red Hat committed $5 billion to launch Project Lightwell, an open-source software security initiative.
Additionally, NVIDIA's unveiling of its N1X processor for personal computers at Computex lifted computing-related stocks broadly. Multiple investment banks raised IBM's target price, with Barclays initiating coverage at Overweight with a $350 target and Melius Research raising its target to $390. IBM has deployed over 90 quantum computing systems, exceeding all other industry participants combined.
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