First National Trust Co Trims Stake in IBM Amid Strategic Shifts

First National Trust Co has reduced its stake in International Business Machines Corporation (NYSE:IBM) by selling 7,424 shares during the second quarter. The fund now owns 37,249 shares of IBM's stock, valued at $10,475,000 as of its most recent filing with the Securities & Exchange Commission.

The news comes amidst a backdrop of significant developments in IBM's infrastructure strategy and AI initiatives. IBM has recently announced its dual-architecture 2-nanometer mainframe processor, designed to run both IBM and Arm workloads on the same core. This move is expected to broaden demand among enterprise customers.

Other institutional investors have also made adjustments to their stakes in IBM. Norges Bank purchased a new stake in IBM during the fourth quarter valued at $2,446,429,000. Capital World Investors lifted its holdings in shares of IBM by 29.2% during the same period.