International Business Machines Corp. passed Microsoft Corp. to become the world's second-most valuable technology company, a reflection of industry changes including the shift away from the personal computer.
IBM's market value rose to $214 billion yesterday, while Microsoft's fell to $213.2 billion, the first time IBM has exceeded its software rival based on closing prices since 1996, according to Bloomberg data. IBM is now the fourth-largest company by market value and, in technology, trails only Apple Inc., the world's most valuable company.
Chief Executive Officer Sam Palmisano sold IBM's PC business six years ago to focus on corporate software and services. Though Microsoft has expanded into online advertising and games, it gets most of its revenue and earnings from the Windows and Office software used primarily on PCs.
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