Stock returns can happen fast when narratives change. International Business Machines (IBM) (NYSE: IBM) languished for years as a dinosaur technology company struggling to find its footing in a cloud-driven market.

After declining steadily for the past decade, IBM has come alive due to its potential with artificial intelligence (AI). Shares are up 36% over the past year alone. There is legitimacy to IBM's revival, but investors must be careful not to overpay because there might be more hype than substance.

Is that the case for IBM today? Let's look at how AI affects IBM right now and gauge just how good IBM stock might be to buy.

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Source Fool.com