Everybody knows by now that Apple is the world’s largest tech company. As far as market value goes, it can’t be beat. Microsoft was at a distant second, but it has finally been usurped by Apple’s greatest nemesis – Google.

Bloomberg reports that Google’s stock value rose 0.7 percent this morning to a total market value of $249.2 billion. This small increase puts it ahead of Microsoft’s own impressive market value of $248.7 billion. Both companies are still trailing Apple by hundreds of billions of dollars. Barring any disasters, it will be awhile before anybody is able to catch up to Apple’s impressive $632.9 billion market value.

So, how did Google pass up Microsoft? Analysts speaking to Bloomberg seem to think it’s a sign of the times. The PC is slowly losing ground to the Web. Google bet on the Web early on and is benefiting greatly from it. Microsoft has been playing catch up in that area, and are trying to bolster the PC market with the launch of Windows 8 later this month.

Google is still investing heavily in Web-based technologies, but it’s all a vehicle for the company’s ad business. Bloomberg cites projections from EMarketer that says Google will be the number one outlet in the U.S. for display advertising. Combine that with Google’s hold on the mobile search market through Android, and you have an unstoppable advertising machine.

Apple fans and investors shouldn’t be worried too much. Google is rising, but very slowly. Apple is still incredibly profitable, and nothing short of an act of God can change that. Of course, potential investors may want to start looking into Google as the company’s value continues to rise. Google may be able to break $300 billion market value if it continues its upward climb on the back of mobile search.