IBM is both a technology company and a services company. They shifted their primary strategy to services when they saw it doing well while eg server markets weren't. Right now, they make billions selling mainframes, servers, and software licenses. They also hit 7nm in the lab recently while Intel struggles with lesser tech. Their R&D is several billion dollars a year ranging from product development to foundational science.

They're more of a technology company than most that make Hacker News. They also sell services. They also acquire proven implementations of new products and services. The combo is called a technology conglomerate & it's a proven model to make billions over decades.