It happens. Data center computing is profitable, and Intel mastered the sales motion long ago. IBM never really got off mainframes for similar reasons. It's a variation of the Innovator's Dilemma.
I think IBMs case is a bit different -- after all, other companies may have innovated in the space, but they are the ones who actually came up with the PC standard we still use today (and then quickly lost control of it). By comparison, Intel has nothing to show on the mobile space, just a few half hearted attempts at mobile CPUs that fizzled out.
IBM made the PC but others monetized it, most notably Microsoft followed by Compaq and Dell. [0] The PC architecture was not proprietary, and IBM didn't control the operating system.
By contrast IBM made boatloads of money off mainframes and their advantage was durable. That business line is still quite profitable even today. (Just not very big in comparison to the IT market.)
