Is this the new IBM?

hopefully they are.

IBM is more than 100 years old and has brought us a lot of innovations of the modern era.

To give a trivial example the relational model for databases was theorized by F. Codd while working at IBM Research (see https://en.wikipedia.org/wiki/A_Relational_Model_of_Data_for... for further details)

IBM still does a bunch of stuff, mainly in the research area. They just don't sell netvista/aptiva computers and ibm laptops since like 2005 or so. They still develop and sell mainframes though.