I worked at IBM from 1995 to 2009. During that time, I had a front-row seat to several significant acquisitions, including Lotus, Rational, Tivoli, and PwC. Now, seeing the news of the $11 billion Confluent acquisition, I have a sense of déjà vu. On paper, the narrative is convincing: stitching real-time data streaming into a powerful AI and hybrid-cloud stack. But history suggests a familiar (and painful) pattern where the enterprise customer often ends up bearing the cost.