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They are driven by quarterly earnings. No company can be successful long term when focusing on maximum profit in the next three months. So they buy a company at the top and ride the money wave until they aren’t profitable, then sell the name or IP to another company, lather, rinse, repeat.
They did this with PCs, Storage, big data, Healthcare tech, etc etc. Now they are squeezing the last money juice out the cloud acquisitions because the market is saturated with viable competitors. They will do the same with AI and Quantum Computing in the future.
It is a viable strategy if you are big enough. Broadcom, and before them, Symantec are other examples.
Profit > Innovation
No, they have some really awesome stuff, and they were driving to the edge in a lot of interesting areas. I just mean that they lose sight of the possible whenever the grim reaper of quarterly profits comes around. When MBAs run the show instead of engineers. Same thing happened with the Boeing 737 MAX. In my opinion short sighted drive for profit will almost always win in today’s publicly traded spaces.
This is a very narrow opinion and obviously doesn’t cover every scenario at every company, or even all of IBM. Just one person’s opinion on the internet.