IBM buying Sun Microsystems makes no sense.

The Wall Street Journal reported that IBM is in talks to buy Sun for at least $6.5 billion in cash, which would amount to about $4 billion once Sun's cash and marketable securities are taken into account. On paper, the deal could make some sense: adding Sun's server market share would give IBM more clout in its competition with Hewlett-Packard, IBM would get some software and intellectual property assets, and that price would be a nice premium for Sun shareholders disappointed with the company's sliding stock price.