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Emphasis on "long", as in long time ago, as in before many of us were born.

Modern IBM isn't what it once was.

Edit: to clarify i mean on the software side. I don't know enough about the hardware side to comment.

Modern IBM is at the forefront of modern chip design. They regularly publish some of the most advanced research in the world, and are part of the industry consortium driving those changes.

How often do they deliver viable new commercial products? Or are they for “modern chip design” what Google is for “modern AI models”?

Here is an example which shows how they participate in the cutting edge

https://youtu.be/DZ0yfEnwipo

essentially they develop and license technologies around the chip making process

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