I'm too worried about these trends to say IBM's now safe to buy, says Jim Cramer

ALLOWED, IF NOT ALWAYS ENCOURAGED. WHAT HAPPENS WHEN THOSE THREE MAIN BUCKETS OF IT SPENDING GET PRIORITIZED AS THEY HAVE BEEN? OTHER TYPES OF SPENDING NEED TO BE DEPRIORITIZED. UNFORTUNATELY FOR IBM, THEY HAVE TOO MANY PRODUCTS AND SERVICES THAT FALL INTO THE OTHER TYPES OF SPENDING, EVEN IF THEY ALSO HAVE A DECENT OVERALL AI NARRATIVE, AS I'VE BEEN TALKING ABOUT FOR A LONG TIME. SO EVEN THOUGH IBM STOCK PLUNGED 25% TODAY, WHICH CERTAINLY SEEMS EXCESSIVE COMPARED TO THE SIZE OF THE DISAPPOINTMENT, I CAN'T TELL YOU TO BUY THIS STOCK IN WEAKNESS, BECAUSE I THINK THE WEAKNESS COULD VERY WELL BE PERSISTENT. SURE, THE STOCK NOW IS PRETTY CHEAP. OKAY, IT SELLS AT AROUND 17 TIMES THIS YEAR'S EARNINGS ESTIMATES, BUT THOSE ESTIMATES WILL HAVE TO COME DOWN OVERNIGHT. YES, IBM'S DIVIDEND YIELD IS BACK ABOVE THE 3% LEVEL. IT'S NICE, BUT THAT'S NOT A GOOD ENOUGH REASON TO BUY THE STOCK. I LIKE THE KRISHNA TOOK OWNERSHIP OF THE MIS QUARTER. HE'S A GOOD GUY, GOOD EXECUTIVE. AND I THINK THAT IBM STILL HAS SOME TAILWINDS THAT WERE TOTALLY DISREGARDED IN TODAY'S BEATDOWN. BUT FRANKLY, I'M TOO WORRIED ABOUT THESE TRENDS TO SAY THAT IBM IS NOW SAFE TO BUY AFTER THIS DECLINE. WE'RE AT THE POINT IN THE YEAR WHERE IT MANAGERS ARE PUTTING TOGETHER THEIR BUDGETS FOR 2027, AND YOU HAVE TO ASSUME THAT THESE THREE PRIORITIES THAT I JUST IDENTIFIED WILL CONTINUE TO DOMINATE, WHICH MEANS ANYTHING OUTSIDE OF THEM WILL STILL HAVE A REAL PROBLEM. I HOPE THAT IBM TRULY IS JUST SEEING ITS DEALS GET DELAYED AND NOT CANCELED, BUT I CAN'T TELL YOU TO BUY A STOCK BECAUSE I HOPE SOMETHING IS TRUE. HOPE SHOULD NOT BE PART OF AN EQUATION HERE. SO LET ME GIVE YOU THE BOTTOM LINE. CORPORATE IT BUDGETS ARE GETTING SQUEEZED BY SKY HIGH PRICES FOR ALL THE HARDWARE THAT'S IN SHORT SUPPLY, WHICH MEANS LESS MONEY TO SPEND ON STUFF FROM IBM. THAT'S THE NEW REALITY, AND I HAVE NO IDEA WHEN IT WILL CHANGE, WHICH IS WHY I CAN'T RECOMMEND IBM,