IBM now more valuable than Microsoft

Like Apple last year, Big Blue blows by the software giant in market capitalization

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Two years ago, Microsoft was the most valuable tech company in the world.

That ended last spring, when the software giant's market capitalization was surpassed by that of Apple's.

Now Redmond has slipped another notch. IBM has just passed Microsoft in terms of overall value to become the No. 2 tech company based on market cap.

Last Oct. 15, I compiled a list of the 25 biggest publicly held tech companies. With IBM's recent move into the second slot, now seems like as good a time as any to post an updated list.

Here it is below, with market cap (in billions) and the percentage change in each company's overall value compared to seven months ago. (I've also indicated any changes in ranking with a number in parentheses.) All market cap totals are based on stock prices as of early Tuesday afternoon.

Other noteworthy changes: Oracle passed Google to move into fifth place; Cisco Systems dropped to No. 11 from No. 8 after losing 32 percent of its market cap; Verizon and Qualcomm jumped two spots (to 9th and 10th, respectively); Nokia dropped to No. 19 from No. 16; and Yahoo and Motorola fell out of the top 25 altogether (Motorola split into two companies), replaced by Cognizant Technology and Priceline.com.

If you see any mistakes or omissions, please let me know (nicely).

1. Apple (NASDAQ: AAPL) -- $307.2 (8.5%)

2. (3) IBM (NYSE: IBM) -- $203.7 (14.4%)

3. (2) Microsoft (NASDAQ: MSFT) -- $202.9 (-7.2%)

4. AT&T (NYSE: T) -- $184.0 (10.5%)

5. (6) Oracle (NASDAQ: ORCL) -- $166.7 (16.0%)

6. (5) Google (NASDAQ: GOOG) -- $130.4 (-11.6%)

7. Vodaphone Group (NASDAQ-GS: VOD) -- $145.5 (2.8%)

8. (9) Intel (NASDAQ-GS: INTC) -- $125.0 (16.3%)

9. (11) Verizon Communications (NYSE: VZ) -- $109.9 (20.6%)

10. (12) Qualcomm (NASDAQ: QCOM) -- $92.1 (28.5%)

11. (8) Cisco Systems (NASDAQ: CSCO) -- $90.0 (-32.0%)

12. (13) Amazon.com (NASDAQ: AMZN) -- $87.7 (25.6%)

13. (10) Hewlett-Packard (NYSE: HPQ) -- $77.8 (-19.5%)

14. SAP AG (NYSE: SAP) -- $71.0 (12.3%)

15. France Telecom (NYSE: FTE) -- $58.8 (-4.2%)

16. (17) LM Ericsson Telephone (NYSE: ERIC) -- $46.0 (32.9%)

17. (19) eBay (NASDAQ-GS: EBAY) -- $40.4 (19.5%)

18. Texas Instruments (NYSE: TXN) -- $39.6 (16.1%)

19. (16) Nokia (NYSE: NOK) -- $30.2 (-25.1%)

20. (23) Dell (NASDAQ-GS: DELL) -- $29.9 (7.2%)

21. (20) Sony (NYSE: SNE) -- $28.1 (-12.7%)

22. Telecom Italia (NYSE: TI) -- $26.3 (-6.7%)

23. (u) Priceline.com (NASDAQ: PCLN) -- $24.3

24. (21) Panasonic (NYSE: PC) -- $23.7 (-21.5%)

25. (u) Cognizant Technology (NASDAQ: CTSH) -- $22.1

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