IBM - International Business Machines

Received the biggest check — $1B matched by $1B of IBM's own money — to build the Anderon quantum foundry in Albany, NY (300mm wafers, ~30x more devices). Important caveat: the government's equity goes into the standalone Anderon foundry, not into IBM itself.

IBM is a lower-risk quantum play due to its government funding, manufacturing scale, and acquisition of HRL, positioning it for long-term growth in quantum computing.

Down 28% after a 5% miss on earnings, seems excessive. Snapback expected along with Oracle.

Earnings miss, CEO admits faltering execution, historic 25% drop, breakdown of support could lead to $200 downside.

Host does not follow IBM closely; the clip shows analyst commentary blaming mainframe miss and AI paralysis. No personal recommendation given.

Pioneer in quantum computing, operates IBM Quantum cloud platform and open-source Qiskit, roadmap to fault-tolerant quantum computers.

IBM is the only quantum company with a real, profitable established business that can be valued. However, at $306 with a $291B market cap, the stock analyzer shows only a ~4.5% return under reasonable assumptions. High debt (10x free cash flow on 5-year average), low returns on capital, and a 23x price-to-free-cash-flow ratio make it overvalued. The quantum upside is a bonus, not the core investment thesis.

Most detailed public quantum roadmap with processors named after birds. Building toward Starling system for large-scale error corrected quantum by 2029. Committed $10B+ to quantum over next 5 years. Received $1B government grant for quantum chip foundry in Albany, NY.

IBM returned to its 52-week high of $313, dipped, then recovered. Trump mentioned IBM in an old video. IBM is investing $2 billion in quantum computing. Long-term play but not the current AI story leader.

Already had a massive move from $212 to $300. Gareth says it's too late to buy after this move. Will watch for resistance but not rushing in.