IBM's stock is on pace for biggest gain in over 20 years. Its ‘underappreciated' AI could drive it higher, analysts say

Over the past year, the biggest tech companies — from Microsoft Corp. to Nvidia Corp. to Alphabet Inc. — have dominated the AI conversation. Now, analysts say investors are overlooking AI’s potential for one of the oldest: International Business Machines Corp. That take from Wall Street arrived after IBM IBM, +9.90% on Wednesday said customer demand for AI was “accelerating” and forecast better-than-expected free cash flow for this year. Fourth-quarter profit for the company — which sells software, consulti ...