In today's (deadtrees division) NYT Tech page, Steve Lohr makes the following assertion:
IBM cannot compete head-on with Amazon, Microsoft and Google in the big-spending game of building out massive data centers to provide the infrastructure layer of cloud computing to one and all. So it is seeking to shift the competition.
Fun factoid: it was IBM who invented the cloud way, way back in the 1960s (or, depending on how picky a definition one wishes to use, 1932) , under the name The Service Bureau (a lengthier history is here). So, yes IBM has and could if it decided to. But IBM hasn't ever really been a tech company, but a marketing machine.
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