IBM’s market capitalization - stock value X share outstanding, has grown, not shrunk, as they have kept reinventing themselves. One former CEO said it best about IBM, that among its greatest assets is its people, its talent, and its internal knowledge base, and with those it can change and adapt as needed, and still return a good return to stockholders. I think they have done that.
https://people.umass.edu/~kazemi/Is%20US%20Stock%20Market%20Overvalued.pdf
Were you around in 1980 when IBM had 80% or more of the worldwide computing market and were getting sued by the DOJ for anti-trust violations ??
They are like HP basically two once great companies who are shells of their former self , I’ll give them credit for actually surviving when the majority of their competitors from that era haven’t
It’s like owning the Weather Channel, which has nothing to do with the computer industry and indicates a company who makes investments in things that have no connection to the core business