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Apple Exceeds Microsoft

This just hot off the press.

NEW YORK (CNNMoney.com) — Microsoft’s dominance as the tech industry’s most valuable player has ended.

On Wednesday, Apple’s market capitalization edged past its longtime rival’s as investors made official what consumers have long suggested: Microsoft is no longer the industry’s alpha dog.

Just last month, Microsoft’s market cap exceeded Apple’s by about $25 billion, but now Apple is in the lead by nearly $3 billion.

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Microsoft’s consumer products business is struggling to compete as Apple’s hot new items like iPad and iPhone capture the attention of customers.

Microsoft (MSFT, Fortune 500) fell 4% to close at $25.01 on Wednesday, while Apple (AAPL, Fortune 500) lost 0.45%, closing at $244.11.

[Source: Apple exceeds Microsoft in market capitalization – May. 26, 2010.]