Back in 2018, IBM acquired software distributor Red Hat after diving into blockchain technology with
its Hyperledger project. However, the company has so far failed to revive its former glory due to a
lack of innovations and leadership issues.
https://u.today/ibm-proves-why-stock-buybacks-are-wrong-according-to-billionaire-chamath-palihapitiya
HyperLedger is indeed an example of IBM's failure to innovate - it was created and cobbled together by a bunch of non-experts because IBM was chasing the blockchain buzzword. There are many aspects of HyperLedger that are anathema to every other blockchain expert and implementation recommends.
Buybacks was just another (financial) buzzword that IBM chased without knowing what it was doing.
Kinda like every major airline crying poverty now and begging for a COVID-19 bailout after being given a giant tax cut 2 years ago...