(https://www.cnbc.com/2026/06/01/barclays-says-ibm-is-mimicking-nvidias-playbook-in-quantum-market.html)—$10B capex spend, software-plus-hardware model, ecosystem lock-in. Problem: NVIDIA's 52% net margins fund that growth. IBM's margins are mid-single digits. You can't replicate NVIDIA's return profile on a third of the margin base.

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