As I was being interviewed by an IBM branch manager in Chicago (my wife had started grad school at the University of Chicago), it was explained to me:
"Some people think that IBM is a technology company or a computer company. It's not. IBM is marketing company. IBM would be in the grocery business if they thought there was any money in it."
For a marketing company they invest way too much in developing fundamental technology. The number of (useful) patents and Nobel prizes they have is quite impressive.
"Some people think that IBM is a technology company or a computer company. It's not. IBM is marketing company. IBM would be in the grocery business if they thought there was any money in it."