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As of this morning Google overtook Microsoft to become the 2nd most valuable tech company in the world, according to each company’s market caps.

In the early hours this morning, the trading floor was already buzzing as Google market cap was gaining momentum and Microsoft’s was dipping lower and lower. When all was said and done, Google’s market cap increased by about 0.8 percent while Microsoft’s fell by about that same amount. What that boils down to is Google being a more valuable company than Microsoft for the first time ever. It also moves Google into the number two most valuable company in the world slot, right behind Apple.

At the time this story was covered by Mashable, Google’s market cap was $249 billion USD and Microsoft’s was $248 billion USD. Since mid-July, Google’s stock has been on an unstoppable climb. It finally passed $700 USD per share early last month, and a few weeks later, hit the intraday trading high of $747.28 USD. Right now, Google stock is trading over $760 a share. This growth is mostly attributed to recent, positive reports about the company’s display advertising and mobile activations.

Unfortunately for the Redmond-based company, Microsoft’s stock has been getting lower and lower for the past few weeks due to speculation about the future of the PC industry with the increasing popularity of tablets. Also, there is still a lot of doubt swimming around the industry and amongst consumers about Microsoft’s upcoming Windows 8 operating system. It features what seems to be a tablet-centric user interface, making it unpopular so far with PC owners who prefer to work with a traditional mouse and keyboard.

Outside of the technology industry, Google is the fourth biggest company in the nation. The first is Exxon Mobil, the second is Apple, and the third is Walmart. However, Walmart’s market cap is just below $250 billion USD at the moment, which means Google is closing the gap fast in perhaps becoming the third largest company in the United States.

If displeasure surrounding Microsoft’s new OS gets squelched on its release, it’s possible that we might see Microsoft bounce back and overtake Google again. In the big picture of hundred billion dollar companies, a one billion dollar difference in market caps is peanuts. On the other side of the coin, Google has products available for all kinds of different users with all kinds of different devices and backgrounds. That kind of ubiquity can go a long way for a company’s bottom line.

To read more about Google, check out our case study about the Internet search behemoth here.