IBM (IBM.US) pours cold water on Q4, sparking a bull-bear debate: Is it a "one-time catch-up" of deferred orders, or the starting point of a trend in its software transformation?

Zhitong Finance APP notes that IBM (IBM.US) fell about 5% in premarket trading on Thursday. Although the company's third-quarter revenue and earnings both exceeded market expectations, management's decision to leave full-year guidance unchanged has led Wall Street to diverge on growth momentum for the fourth quarter and 2026, with investment bank views clearly splitting into bullish and cautious camps.