IBM was such a force in the 1980s that it spent almost the entire decade as the biggest single component of the S&P 500, making up 6.4 percent of the index in 1985.
That was a long time ago.
After providing a disappointing earnings outlook last week, "Big Blue" now makes up about 0.6 percent of the S&P 500 and has sunk to 35th in the index, according to FactSet. Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices, said it's the lowest IBM has been in his four decades following the market at S&P.
While investors have been pouring money into tech mega-cap companies like Alphabet, Amazon and Microsoft, even showing some enthusiasm of late for Cisco, Intel and Oracle, they've given IBM a giant shrug.
Of the 10 most valuable U.S. tech companies, only IBM is down over the past year. Intel, the next worst performer among the group, has gained 24 percent, and the S&P 500's technology index has jumped 42 percent.