Google is now the second most valuable technology company in the world, bumping Microsoft to bronze status earlier this morning. Google stock value increased 0.7 percent to $759.98, giving the search giant a market capitalization of roughly $249.2 billion. Microsoft, on the other hand, dropped 0.3 percent to $29.67 per share, resulting in a valuation of about $248.7 billion according to Bloomberg.

Wedge Partners Corp. analyst Martin Pyykkonen says the shift is an obvious sign that the PC hardware business is struggling. He further points out that the transition is pretty straightforward in terms of where things have moved to - that of course being the web and the cloud.

ComScore research shows Google enjoys a 66 percent share of the US search market while Microsoft trails far behind at only 16 percent. Furthermore, the company is expected to overtake Facebook sometime this year as the biggest outlet for display advertising on the web; EMarketer says Google will retain the top spot in mobile ads this year.

Google owns a majority share of the mobile operating system landscape as well. According to Gartner, Android powered 64 percent of smartphones in the second quarter - an increase of more than 20 percent compared to the same time frame just a year ago. For comparison, Apple's iOS placed second with a 19 percent share of the market while Microsoft has only managed to capture 2.7 percent.

Apple remains the world's most valuable tech company with a valuation of $632.9 billion. Cupertino surpassed Microsoft in 2010 led by success of the iPhone and iPad.