IBM may fly under radar, compared to its Big Tech rivals, but Big Blue was the real winner in 2022.

2022 was not a good year for the tech industry. Despite flying high during the pandemic, an economic downturn has taken its toll, resulting in slower growth and mass layoffs.

According to CNBC, however, IBM is the exception to the rule. The company is one of only two among companies valued at $50 billion or more whose stock is up over the course of 2022. The other one is VMware, although its stock is only up because of its deal to be purchased by Broadcom.

Read more: IBM Beats Expectations on Strong Hybrid Cloud Results

IBM’s stock, which is up 6%, appears to be benefiting from the company’s long-term strategy which has reassured investors. The company has reinvented itself as a hybrid cloud provider and formed close ties with its larger cloud rivals, such as Microsoft and AWS.

As a result of the company’s strategy, Bernstein Research analysts say IBM is “trading well above its historical range.”

“Given its defensive characteristics and historical performance, we believe that IBM is likely to fare well if we continue to have pressured markets, and likely to lag major indices if we enter a recovery period,” they continued.

IBM is once again proving its ability to adapt to changing circumstances and stay relevant when many younger, more “nimble” companies struggle to keep up.