News and analysis

The Graph (GRT) is up by an impressive 21.4% this week to $0.1022, sharply outperforming the broader crypto market, where Bitcoin (BTC) has gained 10.2% to $93,835. This rally appears to be technically driven, as GRT had recently dropped well below the key $0.1000 support level. With sentiment improving, the token rebounded quickly once that level was reclaimed.

Bitcoin's climb above the major resistance range at $90,000–92,000 is an encouraging signal for the overall market, though a clean break above $95,000 would offer a stronger confirmation of bullish momentum. If that occurs, it could ignite a broader rally across altcoins, including GRT.

For now, GRT is targeting the next major resistance around $0.1500, with further upside likely if Bitcoin continues to lead the way.

International Business Machines (IBM) income growth seemed unshakable until today, so solid that shares of this well-known company had even managed to recover to levels seen before Donald Trump's first and severe official tariff announcements in early April, but the prosperity seems undermined by the contracts that DOGE cancelled. The Department of Government Efficiency, or DOGE, under the U.S. sitting administration is indulging in massive cost cuts, which affected 15 IBM contracts amounting to about $100 million. This represents less than 1% of the order backlog in IBM’s consulting unit, according to its finance chief James Kavanaugh, who appeared to Reuters TV on Wednesday night for comments.

However, those contract cancellations created a rather deep and previously hidden trap that sent the surviving computer-age dinosaur's share price down by more than 7.5% compared to a daily range of $245-$250 per share on April 23, hours before the company's quarterly report, to below $230 in pre-market trading the following day. The news became the final straw of fretfulness to turn investors' negativity mood exactly at a time when tariff battles already clouded the crowd's outlook for the global economy.

To jolly up Wall St confidence, IBM even broke from its long-standing practice of not revealing further guidance ranges. Now its inner April to June sales projections lie in the range between $16.40 billion and $16.75 billion, well above the analyst pool's average estimate of $16.33 billion. "We felt incumbent upon ourselves to give as much transparency as possible to our investor group," James Kavanaugh commented. IBM CEOs also maintained their previous target of achieving quite a solid 5% sales surplus on a constant currency basis before the end of 2025.

Somewhat better-than-expected Q1 2025 sales, 0.9% up YoY to reach $14.54 billion vs $14.41 billion in consensus estimates could not decrease the extent of downward pressure, when it became known that IBM's consulting segment revenue fell 2% to $5.1 billion, even though this was roughly in line with nominal expectations, according to LSEG data. Earnings per share in Q1 was at $1.60, was more than twice lower than the company's absolute record at $3.92 in the Christmas quarter, but this should not be a one more cause for regrets, as the current number was also much better than preliminary analyst pool estimates of $1.40 per share, helped by high-margin software segment.

There are moments when a market sell-off, once started, cannot be calmed down overnight. Irrational reactions cannot be influenced in an instant coffee style, but soon the dust will settle. What is worrying now may soon turn into an opportunity to buy deals. One just needs to be attentive and monitor the dynamics of the asset day by day. Despite today's mess, we remain goal-oriented with the door open to IBM's next target area between $275 and $300.

What other reasoning behind a positive mid-term stance? IBM is supposed to be impacted minimally under U.S., China's or other countries' tariff horse-trading, as the company has very limited direct exposure outside the US. As an example of new opportunities for IBM's expansion is its so-called AI Book of Business, which is a cross sales combination of bookings and actual orders across various products. It stood at more than $6 billion from inception to date, as much as $1 billion up from the calculations made three months before.

For the first time ever I am making a turning glance to this chipmaker, which didn't set the world alight unlike some others did. What led me to look over there, being rather excited with my find, was alleviating tariff concerns by the company, which predicted the current quarter's delivery well above estimates. Texas Instruments (TXN) has climbed as much as 8.5% in the pre-market trading on April 24 to touch $165 a share, with a bottom at $140 this April to follow its mid-February highs above $205, offering a nice reward/risk profile of 1.6:1. This is now a prominent ratio even for the attractive semiconductors equipment industry, with room for growth of approximately 25% upwards. Even the downtrend line readings, if plotted for the entire downward correction since early November 2024, are at almost $195 per share, which is about $30 per share from today's opening price.

When analysts pressed CEO Haviv Ilan on whether customers may be stockpiling chips ahead of higher levies barriers, his answer was "I would guess that at times like this, when there is a little bit of anxiety, do you want to have a little bit more inventory on your shelves?" He believes that customer inventories are "at low levels across all end markets" while "the industrial market increased upper single digits after seven consecutive quarters of sequential decline" and the automotive market also "increased low single digits" to offset mid-teens decline in the personal electronics segment. "We are in an up cycle... there is nothing I would call specifically versus Q1 other than the continued strength in industrial... The industrial signal is now, I would say, probably five months or so... I don’t see right now at least any slowdown there", Haviv Ilan, when answering a clarifying question. His business typically gets nearly a fifth of its total sales from China, so that it could be potentially exposed to tit-for-tat tariff battle between Beijing and Washington, but the company is relying on its fabrication facility based in China if needed, Ilan added. This may help Texas Instruments to properly address China's domestic demand in case of high import levies for US-rooted chips when brought in China.

With a market cap above $135 billion, Texas Instruments not only reported much better-than-expected earnings per share for the first three months of 2025, hitting $1.28 vs the average analyst estimate of $1.06 (i.e. beating forecast by 20.75%) on quarterly revenue reaching $4.1 billion instead of $3.91 billion in consensus opinion, but also projected its Q2 profit between $1.21 and $1.47, on revenue between $4.17 billion and $4.53 billion, compared with analyst pool’s $4.10 billion. The company's CEOs marked robust demand on analogue chips to keep a strong competitive position, including China's market, a moderate level of debt but strong liquidity with a current ratio of 4.12. During the earnings call, questions were raised, of course, to know more about potential tariff impacts and Texas Instruments’ potential of adjusting its supply chain because of this challenge, but the company's management reassured that flexible manufacturing allows quick adjustments to minimize immediate tariff damage, at least.

As Haviv Ilan said on Wednesday, they "spent some time looking at previous events, including the global financial crisis, and the COVID-19 pandemic... while no two scenarios are identical, these recent examples help inform our decisions as we prepare for a range of market scenarios", so that Texas Instruments "will adapt and succeed in a world that is ever changing". Well, as a very adoptable investor, I too will likely try to adapt and thrive in the rapidly changing market dynamics and will be willing to buy this stock happily if the high prices are sustained and not wasted by this week's close.

Coin 98 (CNE) is up 5.0% this week to $0.0583, underperforming the broader crypto market where Bitcoin (BTC) has gained 8.6% to $92,238. While the crypto space remains in rally mode, momentum has paused slightly following Bitcoin's breakout above the critical $90,000–92,000 resistance. The move to $94,618, driven by easing U.S.-China trade tensions, is now being tested. A successful retest would likely renew bullish momentum, supporting further gains across altcoins.

CNE, however, is showing relative weakness. It’s hovering near key support at $0.0500, a level that has historically provided a floor but offers little cushion should prices fall further. The lack of strong support below this threshold is concerning, though it may also signal the formation of a bottom if the token stabilises here.

The Coin 98 community remains on alert amid concerns surrounding the DeFusion sell-off between April 24–25. However, there is no current indication that this event will materially impact CNE prices. For now, holding above the $0.0500 level remains critical.