IBM is hollowed out and tries to cover that up with headline-making acquisitions and effective marketing. It's aimless and sclerotic, trying to pursue growth markets but is largely incapable of making good products; constantly over-promising and under-delivering.
NVidia has it's best days ahead of it. I think the direction it's going with ARM has more legs than what they're doing with POWER. They make innovative products that work, and have fantastic partnerships across the industry.
Perhaps more importantly, the target markets of these two companies are diverging, not converging. IBM is desperately trying to move up the value chain, away from hardware, to remain competitive. You could hardly say the same about Nvidia in how it's pursuing the automotive industry.