Few would have predicted it two decades ago when Apple was being collectively written off as a burnt-out company, but on Wednesday its market value at the New York Stock Exchange passed that of its major competitor, Microsoft. This day had been anticipated for long as recent trends in electronics and computers relentlessly pointed to the iPod producer's unstoppable rise.

Neither company wished to publicly comment on this development, but voices from the hi-tech industry were animated and drew attention to the importance of the moment, not only for the financial markets but also for culture. Apple's ascent to the top of the technology business and the potential that investors see in it mean its executives may indeed hold the key to the future of consumer electronics. As many are quick to point out, the company has been able to bounce back from near death to dominate and shape the market of personal computers, music players, mobile phones and, most recently, tablet computers.

Apple's success and business philosophy has not only affected modern lifestyle, with iPod or iPhone becoming cultural phenomena as well as consumer products. It also showed the way for other electronics producers, from pen tablets to GPS devices, who were empowered to pursue the idea of affordable hand-held devices that make life easier and more fun. With their focus on stylishness and design, Apple gadgets were a little like couture dresses in affordable prices, another technique that has been copied ever since it caught on.

But the spirit of triumph is not really in order. Nothing is forever in the fast-changing world of technology as the eclipse of Microsoft duly illustrates. Younger and more aggressive competitors, like Google or Facebook, are taking IT in newer directions and Apple will have to keep up.