Apple has overtaken Microsoft to become the world’s most valuable technology company.

As of intraday trading on Wednesday, May 26, Apple shares rose 1.8%, giving the company a value of $227.1 billion. Shares of Microsoft declined about 1%, giving the company a market capitalization of $226.3 billion.

And Apple kept top spot at the end of the day, even as both companies were battered by an overall market downturn. At the close Microsoft dropped 4% to end the day with a market cap of $219.2 billion and Apple fell 1.1% to end at $222.1 billion.

This has heralded a fascinating shift in technology, where consumer products are beginning to define how businesses use information and communications’ technology. Apple, which was considered a failed darling at the turn of the century, has rocketed back to prominence by leading the charge in new mobile computing platforms.

Meanwhile Microsoft, with its Windows and Office software still dominant on a disappearing “desktop”, has stagnated, unable to come up with a coherent mobile strategy.