IBM just spun out a $19B annual revenue managed infrastructure business, Kyndryl. [1]
Doing some back of the napkin math on the remaining business, by revenue it is roughly 45% consulting, 40% software, and 15% hardware. IP revenue represents 1% ($626M) of its revenue. [2]
What does it actually do? At a high level, help companies deal with the complexities created in a world of heterogeneous infrastructure (data and AI across environments, common management/security, automation, etc.).
Sorry to hijack the thread here. Why is your prediction that IBM gives up "hybrid multi-cloud"? Isn't hybrid multi-cloud exactly aligned with the future that you are portraying here (sans IBM's bet on k8s, which we could have another debate on) that what runs on top of cloud infrastructure will be available across multiple clouds?
Disclaimer: I work for IBM, and my opinions are my own.