To no suprise, Apple's market cap passed IBM today. From a purely consumer technology impact perspective, their impact has been greater than IBM for some time.
1.12M iPhones to date surprised me and certainly was higher than concensus. Still something of a niche product, compared to the number of iPods sold in the quarter, or number of total mobile phones, for that matter. 10M iPods is great, but on a global basis, with annual PMP sales of about 200M this year across the category, Apple remains but one of many significant players (but a thought leader, for sure).
Arguably, the next quarter, with holiday sales, and a European launch of the iPhone, will be spectacular for AAPL and should sent the stock up another 20-30%, I think. However, as new products loose luster and saturate the markets, where will the company go next? 12-18 months from now, things will look less robust, and we'll have to wait for the next Apple revolution, which will certainly come.
Google is also soaring, around $675 after hours today, and over $210B in market cap. I don't claim to understand valuations in the "intangibles" sector, ie Google, FaceBook, and so on. I am not sure anyone does, if applying classical valuation techniques. Relative to Apple, though, Google appears fairly inline.