In May 2010, I wrote about Apple’s market cap passing top-valued Microsoft; it’s only fitting to follow up with an analysis about the unbelievable turnabout that, like the first, marks a changing of technological vanguards. Briefly today, the software and services giant nudged past the stock market’s fruit-logo darling. A few minutes after 1 p.m. EST, the pair’s respective market caps hovered in the $812 billion range, with Microsoft cresting Apple by about $300 million. By the stock market close, a rally for Apple put distance from its rival: $828.64 billion to $817.29 billion, respectively (Bloomberg says $822.9 billion, BTW). Consider this: As recently as October, Apple’s valuation touched $1.1 trillion. But since the company announced arguably record fiscal fourth-quarter earnings on November 1st, investors have punished shares, which currently are down about 21 percent.

Apple has long been a perception stock, even when under the tutelage of CEO Tim Cook company fundamentals deserved recognition. But perhaps Wall Street finally realizes the problem of iPhone accounting for too much of total revenues at a time when smartphone saturation saps sales and Apple pushes up selling prices to retain margins. More significantly: Apple has adopted a policy of fiscal corporate secrecy by stepping away from a longstanding accounting metric. I started writing news stories about the fruit-logo company in late 1999. Every earnings report, Apple disclosed number of units shipped for products contributing significantly to the bottom line. No more. Given current market dynamics, everyone should ask: What is Cook and his leadership team trying to hide?