IBM finally has an AI strategy the market loves

American computing icon IBM is up big in early trading, up over 11% as of 9:45 a.m. ET, after it posted better-than-expected profits after the close on Thursday.

A key to the market reaction — the stock is on pace for its second-best day since 2020 — is the hint that IBM’s open-source AI strategy seems to be showing traction. The company noted during the quarter its “Gen AI book of business growing to over $5 billion inception to date, up by about $2 billion quarter over quarter.”

IBM Stock Jumps on Better-Than-Estimated Results, Open-Source AI Strategy

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Western Digital rallies as Wall Street sees more gains ahead

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Gene-editing stocks rally on Bloomberg report that FDA plans to fast-track approval process

Shares of biotechs working with gene-editing treatments rose after the industry’s top regulator told Bloomberg News that the Food and Drug Administration plans to publish a paper in early November outlining the agency’s new, faster approach to approving those treatments.

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Amazon pulled off its monster quarter despite being left out of OpenAI’s tangle of deals

Amazon’s AWS revenue grew 20% year on year, and will hit $125 billion in capex for the year. CEO Andy Jassy said the 14,000 jobs cut weren’t about money, but about “culture.”

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