Core Thesis - The bullish thesis on International Business Machines Corporation (IBM) emphasizes its strategic pivot towards quantum computing and the development of a modular ecosystem that integrates quantum and classical computing [1][6]. Group 1: Financial Metrics - As of November 28th, IBM's share price was $308.58, with trailing and forward P/E ratios of 36.78 and 25.13 respectively [1]. Group 2: Quantum Computing Roadmap - IBM's 2027 roadmap focuses on enhancing computational quality and scalability rather than merely increasing qubit counts, highlighting the importance of gate depth and modularization [2]. - The company aims to deliver the "Nighthawk" processor featuring 1,080 qubits and the capability to execute 10,000 quantum gates, marking a significant milestone for complex scientific calculations [3]. - The "Cockatoo" processor will showcase modular entanglement between two independent chips, validating the potential for a modular quantum network that exceeds the limitations of a single chip [4]. Group 3: Hybrid Ecosystem Vision - IBM envisions a hybrid ecosystem where quantum and high-performance computing coexist, unlocking new scientific capabilities that traditional systems cannot efficiently simulate [4]. - The company is developing a software ecosystem with computation libraries and workflow accelerators to make quantum tools accessible to a broader audience, including scientists and developers [5]. Group 4: Strategic Objectives - IBM's 2027 blueprint aims to achieve a usable quantum machine for meaningful problems and a scalable modular framework for multi-million-qubit supercomputers beyond 2029 [5]. - By aligning immediate utility with long-term scalability, IBM positions itself as a leader in the quantum computing sector, providing both current scientific value and a roadmap for future advancements [5]. Group 5: AI Integration - The bullish thesis also notes IBM's shift towards autonomous AI agents and the growth potential of watsonx.ai, with the stock price appreciating approximately 34.75% since previous coverage [6].