In case you missed it, IBM passed Microsoft at close of business Thursday to become the second-most valuable tech company, behind Apple.
IBM’s market value rose to $214 billion Thursday, while Microsoft’s fell to $213.2 billion, the first time IBM has exceeded its software rival based on closing prices since 1996, according to Bloomberg.
The shifting fortunes reflect industry changes away from PCs. IBM sold its PC business six years ago to focus on corporate software and services, according to Bloomberg.
Though Microsoft has expanded into online and cloud-based services, it still gets most of its revenue from software used primarily on PCs.