IBM system 370???
Didn't know there was a 370. 360, yes. Blinking lites and toggle switches.
VM = virtual memory. I think it stood for Virtual Machine. I think that was partioning, so you could run multiple applications at the same time.
O.K. , I just googled it. I see there was a 370 that superseded the 360 mainframe. Never heard of it.
In a prior life, I worked @ the GMISCA data center on Chicago Road for EDS - GM. Ran 3084's twin IO engines, water cooled, all so 3081's and a couple of Amdals: 580 & a 470 V-8.
...Ross the Boss...