After an old video with US President Donald Trump’s words of praise for IBM went viral on X over the weekend, the US company’s share price jumped again on Monday and reached a new all-time high after a huge rally. After the close of trading, IBM shares cost $320, almost 8 percent more than before the weekend. In the meantime, however, there was even an increase of up to 10 percent. While Bloomberg, for example, at least partially attributes this latest jump to the old video, the share price had already increased beforehand: IBM shares have risen by almost 40 percent since May.
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Positive news for IBM
The video, which was widely shared over the weekend, shows Donald Trump at a table in the White House next to IBM boss Arvind Krishna. He praises him as a “legend” who brought a “low” share price to a “very nice” height, but not yet high. These words were already spoken in December, but they didn’t receive much attention back then, Bloomberg now reminds us. That was different now. The video was now shared by, among others, an account from the online betting portal Polymarket, which did not point out that the recording was already six months old.
The latest price jump in IBM shares followed a day-long rally that began with an announcement from IBM and the US Department of Commerce. Both want to invest a billion US dollars each in Anderon, the first US foundry for quantum chips. The US government should receive a minority stake in return. The development shows that shareholders are currently only too happy to jump on already successful stocks and drive a rally further, Bloomberg quotes an expert. At IBM they were now just looking for a reason to justify further purchases. The old video came at just the right time.
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