Today Apple is increasingly seen as the scrappy underdog, Google as the heavyweight bully, and FossPatents writes that Europe is looking into Google's Android licensing practices.

The readjustment, when it comes, may be sudden. Things will probably overcorrect, because what was true for Google, that the cloud is more powerful than the device, is going to remain true.

But if Apple can even achieve a market-matching price-to-earnings ratio, it's a $600 stock. For Google to match the market multiple it would be closer to a $500 stock. Prices that don't match fundamentals are dictated by fashion, and fashions change.

At the time of publication, the author owned shares of Google and Apple.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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