Plenty of tech stocks saw their prices rise in 2023 thanks to the popularity of artificial intelligence (AI). One of the beneficiaries of Wall Street's AI infatuation is International Business Machines (NYSE: IBM). IBM's stock hit a 52-week low of $120.55 last May and steadily rose to a high of $166.34 in December. At the start of 2024, IBM share prices remain near their 52-week high.

Is it too late to buy IBM stock now? Have investors already missed out on the gains? A closer look at the company and its stock suggests there are several reasons to still consider an investment in Big Blue, particularly if you hold shares over the long haul. Let me explain.

IBM's long-term growth prospects look favorable because the company is focused on two large, expanding markets: artificial intelligence and cloud computing. The AI market alone has years of growth ahead with forecasts predicting the industry will reach nearly $2 trillion in annual revenue by 2030, a substantial increase from 2023's $208 billion.

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Source Fool.com