IBM might have some enterprise JVM, but they just bought Red Hat. Red Hat hired a bunch of former Sun/Oracle devs and then developed an open source pauseless GC, thus chopping the knees out from underneath Azul and Oracle's ZGC work.

What have Azul and IBM got now? They've gone down the path of trying to use LLVM as a JIT compiler, but they're now in competition with Graal and GraalVM+ZGC or Shenandoah would appear to match their capabilities. They had a good run with edge whilst it lasted, but ultimately there are only so many ways to make Java go faster and the world is apparently not short of companies willing to do JVM heavy lifting for free. But of course, only on the parts that other firms are trying to sell. I don't see Twitter implementing a Project Valhalla anytime soon.

Oracle have developed some great tech in GraalVM and are now trying to turn it into a real business. It's a remarkably long term strategy, but in the end there are lots of people who don't want to see Java go back to being a commercial product again and will happily 'burn' money to ensure it. And I'm sure some would love to just spite Oracle too.

I suspect eventually Oracle will let most of the Java and Graal developers go, probably reallocating them to a non-profit foundation that it slowly winds back commercial support for until its investment in Java is more evenly balanced with other large industry players. The existing OpenJDK people don't seem to be under any commercial pressure or urgency already so it wouldn't be a big shift for them.