In 2024, artificial intelligence (AI) continues to play a role in a stock's success after rising to prominence last year. Plenty of tech companies have trumpeted the use of AI, but many didn't even exist when International Business Machines (NYSE: IBM) started working on the technology back in the 1950s.
IBM's deep expertise in this area allowed the company's AI book of business to double between the third and fourth quarters of last year. This rapid AI growth is one of the reasons why IBM shares jumped to a 52-week high of $197 in January, its highest share price in a decade.
The stock price has pulled back from this high, which may make you wonder whether IBM is a buy now. A closer look into Big Blue can help determine if the company makes a good long-term investment.
Source Fool.com