21st century IBM is effectively a labor arbitrage firm. They buy labor in low cost countries and sell it in high cost countries. They are not the platform tech

21st century IBM is effectively a labor arbitrage firm. They buy labor in low cost countries and sell it in high cost countries. They are not the platform tech company they were in the 60s to the 80s. Labor arbitrage can be a good business, but there is much more competition than in platform technology. The competition constrains both profits and growth.