We noted it was about to happen a few days ago, and now it has.

As of 1:11 PM ET, IBM is worth more than Microsoft:

That's a stunner for anybody who remembers the tech landscape in the early 1990s, when Microsoft's embrace of the PC revolution sent IBM into a tailspin.

IBM brought in Lou Gerstner from the outside to turn it around. So how much longer will Microsoft stick with Steve Ballmer before it has to make the same move?

Update: Now it's really official -- at market close, the landscape looked like this, with a $1 billion difference between the companies.