IBM reshaped itself around hybrid cloud and enterprise AI after spinning off its infrastructure services arm into Kyndryl. Red Hat's open-source software is the linchpin, letting clients run workloads across their own data centers and any public cloud. Consulting and the watsonx AI stack drive engagements, while mainframes continue to process a striking share of the world's transactions with margins to match. Founded in 1911, IBM holds one of the longest continuous dividend records in technology.