IBM is going through major transition... it makes sense they are turning over a significant portion of the workforce. IBM has been publicly stating they are transitioning out of certain businesses that aren't profitable anymore.
So yes, parts of IBM are dying. I think bulls are banking on the smaller segment of strategic imperatives taking over in the next couple years to support the valuation. 30% of the business is growing 30% a year. if you exclude currency effects and divestitures revenue declines are minimal meaning the rest of the company is treading water.
IBM may be on the decline but that doesn't mean you can't make a profit as an investor. look at tobacco companies in the 1990s in a supposedly dying industry. you pay quite a premium for businesses that everyone thinks are great like AMZN