IBM rises after agreeing to partnership deal with Together AI

** Shares of IBM rise 0.8% to $238.22 after the company signed a $240 million multi-year agreement with startup Together AI to build a large-scale artificial intelligence cluster on IBM Cloud using Nvidia systems.

** IBM shares are up on the day as the benchmark S&P 500 is trading down 0.33% alongside many other large technology companies.

** The cluster on IBM Cloud will use Nvidia's HGX B300 systems, which link the chipmaker's newer Blackwell processors, and its Spectrum-X Ethernet networking gear. Nvidia has said the Blackwell chips are optimized for AI inference.

** The initial cluster will feature about 2,000 Nvidia Blackwell 300 chips and will be located in the U.S., Together AI's chief revenue officer Kai Mak told Reuters in an interview.

** 27 analysts cover IBM, giving it an average rating of "BUY" and median PT of $239.60, per LSEG data.

** IBM is down 19.7% year to date versus the NASDAQ Composite Index's 13.7% increase in the same period.