IBM’s net worth is in the $170 billion range. It remains a very large corporation. What’s changed is a few companies like Apple and Amazon have ballooned to huge net worth.
IBM sold its PC division years ago to Lenovo. IBM was first to market with Intel desktop PC’s running DOS. The Intel PC architecture in use today was shaped by the needs of Windows once that OS began to dominate. IBM stayed too long with its own PC architecture, pushing OS/2, and missed the cheap-as-possible commodity Windows PC boat.
The Red Hat acquisition is all about cloud and only incidentally about Linux. Scuttlebutt says IBM is strong on sales while Red Hat has been not-so-strong. I’d expect to see IBM push hard on Red Hat sales.
The reasons Red Hat sponsors Fedora remain, no matter who owns Red Hat.