Trump mentioned this during his Carrier speech, something that surprised him. The #1 issue for Carrier was not taxes - that was significant, just not #1. The #1 issue for Carrier was excessive regulations (and probably uncertainty as to what the regulocrats would do to them next). That would also be a major concern for Ford and US Steel, who have said they plan to bring jobs back to the US. Given Jesse Jackson's shakedown of tech companies, I would not be at all surprised if regulations and regulocratic caprice were major concerns for IBM.