Year to date, Google is up 14 percent, and Apple is down 14 percent.
A year ago, the roles were reversed. Google was fading, and Apple was soaring.
This year, investors have lost faith in Apple's ability to deliver strong growth. They believe Apple's iPhone business as presently constituted will stall. They also believe that its margins are going to get crushed.
Google, on the other hand, appears primed to own the future of technology. Its Android operating system dominates iOS in market share. Its search business appears invincible. YouTube is the biggest web video site in the world.
It's testing new technology like self-driving cars and wearable computers with Google Glass.
The threats to Google seem few and far between. Facebook was once seen as a threat, but no longer. Microsoft has failed to unseat Google in search. Apple hasn't killed Android. There is always a risk of some tiny startup beating Google, but there are no obvious candidates right now.
Of course, things change quickly in tech. Last year, everyone thought Apple was going to be the first trillion dollar company. Maybe next year, Google's ability to control the future will look more tenuous.
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