Up until a few years ago, they were buying products, signing labor-intensive contracts, laying off people, burning out the ones that remain, and not investing in its products

In 2021 they spun off the consultancy business and now seem to just sell software and hardware.

The spin off, Kyndryl, is burdened with unprofitable contacts and is still slashing and burning its workforce.

IBM doesn’t seem to be making a comeback in SaaS or whatnot, they seem to just have split their problems down the middle but not solved them.