Paul Meeks sees IBM Corp. (IBM) as a potential quantum computing leader, but warns that payoff may be years away and its AI story is net neutral at best. He prefers AI infrastructure plays like neocloud CoreWeave (CRWV) and AI co-location company Applied Digital (APLD), expecting data center spending to stay hot through the end of the decade. Meeks remains skeptical of legacy enterprise software names, arguing most will be hurt by AI disintermediation more than they benefit, with Microsoft (MSFT) and Azure a notable exception.