International Business Machines Corporation (IBM) shares are up 2.14% to $219.20 as of 10:59 am on Thursday, compared to its previous close of $214.60. The stock's rise comes amid growing interest in IBM's strategic initiatives in artificial intelligence (AI) and recent insider buying activity. On November 13th, board member Alfred W. Zollar purchased 936 shares of IBM at an average price of $210.6185, marking the first insider buy in over two years. This move has sparked investor interest, as insider purchases are often seen as a positive signal about a company's future prospects.
Additionally, IBM's momentum in AI is gaining traction, with AI bookings increasing from $2 billion in the second quarter to $3 billion in the third quarter. The company's strategic partnerships with major tech firms like Meta, Amazon, and Microsoft further bolster its position in the AI space. These developments, coupled with IBM's consistent financial performance, have likely contributed to the stock's upward movement.