NEW YORK ( TheStreet) -- Apple's ( AAPL) astonishing ascent meets Microsoft's ( MSFT) mighty fall.

Microsoft's shares have now fallen 19% in the past month as investors experience euro fright and the software giant continues to sit out the great mobile Internet boom. The drop has lowered Microsoft's market capitalization to $220.6 billion.

This became a significant milepost on Wall Street Wednesday as Mac maker Apple now has a bigger market value cap. Apple closed the day down slightly at $244.05, but that equals a market cap of $222 billion, making it the most highly-valued tech stock in the country.
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The move is largely symbolic of Microsoft's inability to replicate its PC-based dominance in an expanding mobile device market.

It's no small significance that the second-place market cap status comes a day after Microsoft cashiered its consumer and mobile products chiefs.

Apple, meanwhile, has kept its winning streak going in gadgets. The iPad, the company's newest product since the iPhone, has found early success, which hasn't been hurt by its " insane pricing."

--Reported by Scott Moritz in New York.