With PCs starting feeling like mainframes I'd say that Microsoft is the new IBM — which is sort of fitting because like IBM they aren't centered in the valley. It should be noted that this isn't a bad thing, just not an exciting thing. And of course it's better to IBM than to be DEC (I wonder who that honor will go to — perhaps that was Sun?).
I hope that doesn't mean Microsoft will also need bailouts sometime in the future to "save jobs".