Even so IBM's business model when they are not selling wetware involves selling expensive black boxes that are maintained, installed, and serviced by expensive wetware. Even though it makes up half of revenue, that doesn't mean the other half is not directly related to driving business to the wetware side.

I think the business model outlined above is correct in the global strategy sense, even if you looking at a few pie graphs makes you think otherwise.

Right. IBM still invests in "technical breakthroughs or research level computer science knowledge" at well funded labs. The two biggest are at Almaden, CA, and Yorktown, NY.

Like any lab looking at fundamental science, it's hard to judge how much of that activity leads to profit. Some research groups do also make/sell products that are cutting edge, though, on a consulting basis. E.g. the storage group in Almaden makes insanely large custom storage systems for very big - often federal govt - clients.

I sit corrected.

What's the other half?