Today, Apple has a higher market capitalization than Microsoft. Currently AAPL is just a shade over $227 billion, and MSFT is just a shade under.
[Update 2010-05-26]
AAPL closed at $244.11, for a market cap of $222.12 billion.
MSFT closed at $25.01, for a market cap of $219.18 billion.
The last time Apple was bigger than Microsoft was 20 years ago. At the low point about a dozen years ago, Apple was worth about 1/100th of Microsoft.
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