IBM is still a serious player in research, just not in actual output. They make a substantial sum from IP licensing/consulting to the more modern players.

They do for example a large amount of foundational silicon research that other fabs can license.

Industry analysts like Dr. Ian Curtis are good to keep tabs on this space such as IBMs 2nm wafers https://youtu.be/PpBagorVtC0?si=CB8-2e3KbFgZQqFH .

Or his interview with the IBM research VP of hybrid cloud. https://youtu.be/Dl6oGdLhCvk?si=RZ8KLUAqSRWcFHDJ .