IBM no longer has deep pockets: it's spent more than it has earned on buying back its own shares, and now has a ton of debt. IBM has been the high-cost supplie

IBM no longer has deep pockets: it's spent more than it has earned on buying back its own shares, and now has a ton of debt. IBM has been the high-cost supplier for almost 100 years, so the idea that it will out-innovate and undercut Amazon, Microsoft and Google in the cloud is an interesting one. Especially as both Microsoft and Google have much deeper pockets and are approaching IBM in annual turnover. (IBM used to have 70% of the IT business. Fairly soon, it won't even be in the top 5.)