IBM stock plunges 23% as it says clients are spending less on its AI products

Inside an IBM data center. Connie Zhou for IBM IBM stock tanked in premarket trading on Tuesday after worse-than-expected Q2 results. The company's stock was set to open down almost 23%. "This quarter we faltered," IBM CEO Arvind Krishna said in a letter to investors. IBM shares tanked in premarket trading on Tuesday after the tech giant reported worse-than-expected results and said customers were cutting back spending on its AI infrastructure and software products. The company's stock was…