IBM Stock Crashes 25 Percent in Worst Single Day Drop Since 1968
"IBM ended Trading Tuesday down more than 25%, its worst single-day drop since 1968, after the company pre-announced earnings that fell below Wall Street expectations. Analysts had expected IBM to report adjusted earnings per share of $3.02 on revenue of $17.86 billion, but the company came up short, posting adjusted EPS of $2.93 on revenue of $17.2 billion."
About this episode
In a wide-ranging episode, host Patrick Bet-David and co-hosts Tom Ellsworth, Adam Sosnick, and Vincent Oshana tackle major stories across technology, politics, and culture. The most significant discussion centers on Supreme Court Justice Amy Coney Barrett, whose conservative voting record dropped from 81% before the Dobbs leak to 50-60% afterward, coinciding with death threats requiring bulletproof vests. Bet-David argues this threatens judicial independence and calls for her resignation if threats are influencing her decisions. In technology news, Apple has sued OpenAI for alleged industrial espionage, claiming the company systematically stole trade secrets after acquiring Jony Ive's hardware startup for $6.4 billion. The lawsuit alleges OpenAI instructed job candidates still at Apple to bring proprietary parts to interviews. IBM suffered its worst single-day stock crash since 1968, dropping 25% and losing $72 billion in market cap after missing earnings projections. The company faces internal turmoil with 135,000 employees in India versus 40,000 in the US. New York became the first state to ban large AI data centers for one year, a move critics say will push infrastructure to other states or China. In a controversial surrogacy case, a Canadian same-sex couple is suing their surrogate for $600,000 after she refused to abort their child over a cleft lip diagnosis at 22 weeks. Dana White revealed Meta is paying engineers aged 22-28 an average of $65 million annually for AI work. The episode also covers the upcoming World Cup final between Argentina and Spain, Trump's planned primetime address on election integrity and Iran, and a cyclosporiasis outbreak linked to Taco Bell locations. Throughout the discussion, the hosts emphasize themes of integrity under pressure, the commercialization of human life, and America's technological competitiveness.
Key takeaways
- Supreme Court Justice Amy Coney Barrett's voting record shifted from 81% conservative to 50-60% after Dobbs leak and death threats, raising concerns about judicial independence and potential resignation.
- Apple filed federal lawsuit against OpenAI alleging systematic trade secret theft including instructing job candidates to bring Apple hardware to interviews after $6.4 billion acquisition.
- IBM stock crashed 25% in worst single day since 1968, losing $72 billion market cap while facing internal turmoil with 135,000 India employees versus 40,000 US workers.
- Canadian same-sex couple sues surrogate for $600,000 after she refused to abort healthy child with treatable cleft lip at 22 weeks gestation.
- New York Governor Kathy Hochul imposed first statewide AI data center ban for one year citing electricity concerns despite 68% power price increases since 2019.
- Meta paying engineers aged 22-28 average salaries of $65 million annually for AI work according to UFC President Dana White who sits on company board.
- Trump scheduled primetime White House address on election integrity and Iran with speculation about executive orders and revelations about 2020 Georgia election.