What a phenomenal turn-around. Apple, for years makers of cult products such that the company wasn’t even close to the market cap of megagiant Microsoft, is now worth more than Microsoft.
In the words of the Seattle Times, "It was the day a million iPads trumped a billion PCs."
The articles continures, "On Wednesday [May 26, 2010], Apple passed Microsoft to become the world’s most valuable technology company based on market capitalization.,,,Microsoft stock fell 4 percent Wednesday to close at $25.01, which figures out to a market capitalization of $219.1 billion. Apple stock fell 0.5 percent to close at $244.11, giving the company a market capitalization of $222.1 billion. Market capitalization is the share price times outstanding shares, a common measure of how much the stock market values a company."
Referring to the extraordinary innovation Apple has brought to the market in recent years compared to Microsoft, and investor reaction to the two companies, the author of the article writes, "As Roger Sterling said in the TV show ‘Mad Men’ about ad accounts, ‘Old business is just old business.’ "