Margins on consumer PC hardware are quite low, and were really low through the late 90s. There was no point being in that market for them, and they made a pivot to switch to only two markets: services (IBM Global Services is huge still) and mainframe customers (which I gather they must still make a lot of money on, and the hardware is actually quite interesting and well-engineered, just stupid expensive).

I'm surprised Db2 still exists as a product they actively develop, to be honest. Maybe because their services branch and mainframe customers still use it heavily.