Well. IBM, the "tech" company we all remember from cool servers, AIX, OS400 and other innovative technologies, that were used all over the world for various purposes - from banks and airlines to supporting Germans to send Jews to concentration camps bankrupted in 1993.
In 1993 IMB was converted into one more consulting companies, like McKinsey, Accenture or Deloitte. Nowadays IBM "tech" part is mostly PR, as most of the "tech" was sold, with a notable exception which is IBM Z Series.
And IBM Cloud is an acquisition - it's from Softlayer which IBM purchased in 2013. Likely any new IBM tech is going to be a rebranded acquisition. It's just a revolving door.
In 1993 IMB was converted into one more consulting companies, like McKinsey, Accenture or Deloitte. Nowadays IBM "tech" part is mostly PR, as most of the "tech" was sold, with a notable exception which is IBM Z Series.