That’s nothing new. Conglomerations had been around for decades before SGI et al and that type of organisation has its own problems. So you do see them fail too.
For example Thorn used to be massive in the 80s and by the end of the 90s it had ceased to exist. Arqiva is another that’s presently in freefall despite previously being too big to fail.
Also, I dont really think you can accuse IBM of a lack of diversification.
That’s just because they spun off all the high quality companies (Agilent, Keysight, Verigy, Avago). The PC server and consumer print business have always been commodity product.
For example Thorn used to be massive in the 80s and by the end of the 90s it had ceased to exist. Arqiva is another that’s presently in freefall despite previously being too big to fail.
Also, I dont really think you can accuse IBM of a lack of diversification.