There’s no money in hardware, folks. Ask IBM.

Bloomberg News report: I.B.M. said yesterday that the personal computer business it was selling to the Lenovo Group of China had not made a profit for three and a half years. I.B.M.’s personal computing division had a loss of $139 million in the six months ended June 30. It had losses of $258 million in 2003, $171 million in 2002 and $397 million in 2001, I.B.M. said in a filing with the Securities and Exchange Commission. During that period, the PC division had sales of $34.1 billion.