NEW YORK ( TheStreet) -- Anyone holding their breath on the hopes that software giant Microsoft ( MSFT) will once again dominate the tech sector as it did in the mid-to-late 90s should also consider investing in some scuba gear to find that ship that has long sailed -- if not sunken entirely.

The sustained dominance of Apple ( AAPL) and Google ( GOOG) will see to it that this ship remains only for discoveries in future business schools.

On the flip-side, it has also become quite clear to me that Mr. Softy has no intentions of affirming any of its tombstone epithets -- all of which now appear as having been grossly premature. But remarkably, Wall Street has yet to take notice of not only what Microsoft is today, but where it will likely be tomorrow and well into the future.

A new version of Microsoft

To fully appreciate the company's direction investors must realize that today's version of Microsoft is far different from what it was 15 years ago at the height of the PC industry. Microsoft has now realized that if it truly aspires to grow to the extent that the market can once again consider it among the ranks of Apple and Google, it must think of Windows expansion outside of the traditional PC and into the realm of mobility. To that end, it has partnered with ARM Holdings ( ARMH) to employ its chip technology in its upcoming release of Windows 8 -- a version that will be scalable to not only traditional laptops and desktops, but also to tablet and smart phone devices as well.

As noteworthy as this transition will be for the company, it seems to have fallen on deaf ears and Wall Street remains unimpressed. A considerable amount of that contempt or even skepticism has to do with the fact that Wall Street cares very little for the company's management, not only for how it has executed prior releases of Windows but also for the fact that its stock (until recently) has shown no signs of life. Right or wrong, today's version of Microsoft understands that it has a considerable amount to prove and under no circumstances can it get this wrong and expect to live and talk about it.

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