Apple’s stock market capitalization hasn’t quite surpassed Microsoft’s, but the value of its actual business is now higher, according to “Silicon Alley Insider” (

Apple’s business is now worth US$200 billion, while Microsoft’s is only worth $197 billion — at least by one simple calculation of enterprise value, the article says.

A company’s stock market capitalization includes the net value of the cash and debt on the company’s books. To figure out the imputed value of the company’s actual business (or enterprise value), you have to adjust for the value of those other things.