"Big Apple, Bigger Google"
"But the market caps of both companies are swelled by their huge bank accounts. Strip out Apple’s $145 billion of net cash as of March, and Google’s $45 billion. This leaves an enterprise value of $233 billion for Apple, but $241 billion for Google, reflecting the underlying value of the companies’ actual operations."
In the words of an eloquent coworker of mine, "and if grandma had balls, she'd be grandpa."