I was a top 100 senior leader at IBM. Retired about 3 years ago. Public cloud is killing IBM’s business slowly but steadily. This was discussed at the most senior level meetings.
Reminds me of what happened to Xerox, Polaroid, Eastman-Kodak, (add your favorites here) …
They all (except maybe Xerox) saw what was happening, even had capital, but did not know what to do about it.