IBM Continues to Plug Along, but Its Quantum Computing Bet Could Be the Real Catalyst

IBM's core business remains stable with Q3 revenue up 5% to $17.1B and software revenue climbing 8%, but the company's quantum computing ambitions are viewed as the primary growth catalyst. IBM is developing fault-tolerant quantum computers using qLDPC error-correcting codes and has signed 16 enterprise quantum agreements this year. With a forward P/E of 19, the stock is valued at market multiples, and analysts view it as a good addition to a broader quantum computing portfolio.