Help me understand perspective for this: Ethereum market cap is bigger then of IBM (even after half a year of brutal selloff)? Seriously?

So I was checking IBM stock and see its current market cap is $126.34B. This is less then current market cap of Ethereum. So a project that currently has very limited utility outside of the crypto bubble (I mean real utility for economy and industries outside of crypto) has larger market cap then IBM that manufactures mainframes, chips, does a lot of real business and owns Red Hat which has its own broad portfolio of real, useful and popular products?

Can you guys share perspective on this? My layman feeling is that it kinda indicates the Ethereum is insanely overvalued. The only thing that could justify its market cap I can think of is if Ethereum token would be considered a store of value, so the token price wouldn't be reflecting its utility value but people's willingness to use it for similar use case as Bitcoin.