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IBM stock is performing terribly compared to other technology companies from 15 years ago GOOG,AMZN,APPL.

They deliver a good story to other inefficient companies. Those companies can tell their board that the "new Watson AI will optimize their operations in Q4"

IBM's stock is down 30% since 2013 and is only up 10% from its post-dotcom crash 2000 number. They pay decent dividends so it's been an okay place to park some money, but it's the opposite of soaring.

There is a ton of inefficiencies in big businesses and governments and IBM and other service companies are preying on that. It's a viable business model, if a little scummy.