“Google has passed Apple as the most valuable technology company in the world — on one measure,” The Wall Street Journal reports.

In market capitalization, “Apple is still well ahead, with a market cap of $378 billion versus Google’s $286 billion,” WSJ reports. “But the market caps of both companies are swelled by their huge bank accounts. Strip out Apple’s $145 billion of net cash as of March, and Google’s $45 billion. This leaves an enterprise value of $233 billion for Apple, but $241 billion for Google.”

WSJ writes, “Apple also recently gave back the title of world’s biggest company by market cap to oil major Exxon Mobil. But having its arch-rival creep up on it must be more disconcerting.”

Read more in the full article here.

MacDailyNews Take: In the last quarter mutually reported by both companies, Q412, Apple posted revenue of $54.5 billion and a quarterly net profit of $13.1 billion. Google posted revenue of $14.42 billion and $3.39 billion net profit.

Clearly, the most valuable technology company in the world is Apple Inc., not Google Inc.

Only when you penalize Apple by removing their colossal bank account, $100 billion in excess of Google’s, no less, while rewarding Google for having $100 billion less in the bank than Apple, can you concoct a measure about which you can laughably claim that Apple is disconcerted.