IBM's Stock Could Soon Hit an All-Time High. Have Investors Missed the Boat?

The long-term slump of International Business Machines (IBM -0.15%) stock may have finally ended. Following the release of its fourth-quarter and full-year 2023 earnings, the stock price surged 9% higher in the next trading session. With that move, the stock trades at its highest point since 2013, and is closing in on the all-time high from that year.A move into the cloud, as well as efforts to spin off underperforming businesses, have undoubtedly changed IBM's investment thesis. But the cloud stock is up b ...