IBM actually do a bunch of semiconductor research, which they license to other fabs. I'm not sure how much money they make (probably nothing compared to support

IBM actually do a bunch of semiconductor research, which they license to other fabs. I'm not sure how much money they make (probably nothing compared to support contracts with banks etc), but they actually do innovate. At least, a small portion of one of their business sectors still innovates. The rest are probably engaged in aggressive IP lawsuits or taking CFOs out to strip clubs on golf courses or something.