> I wonder what they intend with the IP they acquired from IBM?

What they acquired (as opposed to licensed) from IBM in 2004 were a bunch of PPC4xx SoC designs, all of which should be superseded and out of production today. I can't imagine that anyone would still be interested enough in those ancient SoCs to buy the related IP. So I guess it will simply stay with Applied Micro.
Their PPC4xx core license(s) will be good for several years to come during which they'll have manufactured and sell their recent PPC chips and maybe future dual-ISA (PPC+ARM) chips.