Looking up some stock valuations at 9:30CET 17/2/2011 (disclaimer: I do not own ANY of these – not that anybody would care, of course!)
AAPL = $334B; MSFT = $220B; INTC = $120B
What I see here is that the Apple stack is now worth almost as much as the Windows stack; not a homogeneous comparison because there are a dozen companies manufacturing the Windows PCs and they, too create value (Dell, HP, Acer, Toshiba, etc.), but it is telling that what used to be <10% of the market creates comparable investor value as the other 90+%.
Also, while we don’t know how the AAPL value is allocated, the Windows stack analysis (using Dell = $30B as an example) tells us that’s 60% software, 32% chip, 8% hardware.