$IBM(IBM.US)IBM’s recent pullback feels almost inevitable after the frenzy we saw a few weeks ago. The stock went from being largely ignored to becoming one of the market’s favorite stories overnight, driven by excitement around chips, AI, and government support. At some point, expectations simply ran ahead of reality.

What stands out is that the decline hasn’t been a dramatic collapse. Instead, it’s been a slow grind lower as momentum traders leave and attention shifts elsewhere. That’s often what happens when a narrative-driven rally loses steam. The long-term story may not have changed much, but the easy money has already been made.

The market has a habit of overshooting in both directions. After a move that aggressive, a period of cooling off was probably the most natural outcome.

@Bridge Buzz SG