IBM Stock Slides 2.8% on CHIPS Act Deal Despite Quantum Ambitions

IBM stock took a 2.8% hit in morning trading after Anderon LLC, an IBM subsidiary, finalized a $1 billion award under the CHIPS and Science Act with the U.S. Department of Commerce.

The deal accelerates quantum wafer manufacturing research and development at its 300-millimeter foundry in Albany, New York. This news was widely anticipated since a letter of intent was first disclosed in May 2023, causing IBM shares to sharply increase at the time.

However, the official announcement appears to have prompted profit-taking among investors. The deal's strategic significance for IBM's long-term quantum ambitions is clear, but it has not been enough to overcome the lingering effects of its Q2 2026 earnings stumble.

The company missed second-quarter estimates on both top and bottom lines, prompting management to trim its full-year revenue growth outlook, and multiple securities law firms launched investigations into the company. These unresolved overhangs make investors hesitant to bid the stock higher on news that was largely already priced in.