I agree, though a correction: PCs very much did exist by the time of AS/400, and particularly when OS/400 (IBM i) introduced LPARs, though analogues have been around in plenty of IBM's prior systems.
http://www.redbooks.ibm.com/redbooks/pdfs/sg247460.pdf
Additionally there are WPARs as well which are essentially application/workload management containers :-)
https://www.redbooks.ibm.com/Redbooks.nsf/RedbookAbstracts/s...