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At this point no one is buying into mainframes are they?

So they are just selling to the existing pool of users for which the price just has to come in under the cost/risk of rewriting all their ancient stuff.

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Someone has to be buying mainframes. Otherwise, there's no point in continuing to develop them. Shareholders would revolt.
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The existing 1,000 customers replace their old mainframes with newer models.
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A single mainframe can handle workloads that would take dozens of x86 cloud servers, with nine nines of uptime. If you can afford it it pays for itself in terms of reliability and scalability.
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That may be true but the dozens of x86 servers are cheaper and easier to use.
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