'We faltered, did not move quickly:' How IBM CEO Arvind Krishna's statement led to $70 billion wipeout
- Posted on July 15, 2026
- By Business News Today
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- 1 min read
In brief
IBM experienced a historic market correction as investor confidence crumbled following disappointing quarterly results and CEO Arvind Krishna's candid admission about the company's delayed response to AI market trends. The technology giant lost approximately $70 billion in market capitalization during its worst trading day in nearly six decades, reflecting growing concerns that enterprise customers are redirecting technology budgets toward AI infrastructure rather than IBM's legacy business segments.
Summary auto-generated by AI from the original publisher's content. Editorial standards.
'We faltered, did not move quickly:' How IBM CEO Arvind Krishna's statement led to $70 billion wipeout
IBM shares rebounded nearly 2% in premarket trade after plunging 25% in their worst single-day fall in 58 years, wiping out nearly $70 billion in market value. The selloff was triggered by weaker-than-expected preliminary Q2 results and concerns that customers are shifting spending from IBM's traditional businesses to AI infrastructure.
