IBM Shares Plunge as CEO Warns of Weak Quarter; Buffett and OpenAI Also Make Headlines

IBM shares plunged 35%, marking the company's worst single-day trading performance on record, after Chief Executive Officer Arvind Krishna warned investors that the company's second-quarter results were "worse than our expectations."

IBM shares recorded their steepest one-day decline after the company warned of weaker-than-expected quarterly results. (Photo: IBM Facebook)

In separate developments, billionaire investor Warren Buffett excluded the Gates Foundation from his annual midyear charitable donations for the first time in 20 years, instead donating nearly US$6 billion worth of Berkshire Hathaway shares to foundations run by his children.

Meanwhile, OpenAI is reportedly developing its first consumer hardware product—a smart speaker featuring an artificial intelligence companion capable of controlling smart home devices and interacting with users.