The AI trade's pecking order just got clearer after IBM's disastrous earnings

Michael Nagle/Bloomberg via Getty ImagesIBM's preliminary second-quarter earnings shocked investors and led to a record stock decline.The company is under pressure as customers shift spending away from software, towards servers and chips.The results further solidified an AI-trade hierarchy that's been emerging.Everyone loves a good rivalry: Red Sox-Yankees. Real Madrid-Barcelona. Hyperscalers-chipmakers.It's that last matchup that's commanded attention in the stock market lately. After a long pe