Google's stock price has been on a steady rise over the last three months — thanks to that growth, the search, advertising, and mobile giant surpassed Microsoft earlier this morning as the second-most valuable technology company, according to Bloomberg. It's been a few hours since Google first surpassed Microsoft, and as of this writing both companies have market caps right around $248 billion. But given the huge rise in Google's stock over the last three months while Microsoft's has been essentially flat, Google should move past Microsoft into sole possession of second place before long (though we can't make any guarantees where the stock market is concerned).
Update: The market has closed for the day, and it's now official — Google's market cap is $249.1 billion, comfortably ahead of Microsoft's $247.2 billion. It's still close enough that things could flip-flop tomorrow, but for now Google has surpassed Microsoft in market valuation.