The long-term slump of International Business Machines (NYSE: IBM) 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 by nearly 35% over the last year. Such gains could leave investors wondering if they missed the opportunity to buy.

As mentioned before, IBM stock peaked in 2013. And with the stock having missed the bull market of the 2010s, investors may have understandably lost interest in the tech giant.

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Source Fool.com