But the market caps of both companies are swelled by their huge bank accounts. Strip out Apple’s $145 billion of net cash as of March, and Google’s $45 billion. This leaves an enterprise value of $233 billion for Apple, but $241 billion for Google, reflecting the underlying value of the companies’ actual operations.

I believe this is the first time Google's value has exceeded Apple's value.

It will likely be the case for many years that Google is the most valuable technology company in the world. Microsoft, Intel, Cisco, and Apple have slowed their growth rates as mature companies.

Whereas I get the impression that Google could make a breakthrough in energy or software that could increase their already-impressive Web advertising growth.