market cap is a paper statistic. A rumor alone could increase or decrease that number. I value Nokia only slightly lower than Apple, based on the applicable nature of its patent catalog, brand recognition, and the industry they are focused on. Apple has a flagging iPod division, a marginal if strong PC business, and the iPhone division, which has vast reserves, but no major service strategy and an App Store profit model that could be easily disrupted once the double edged sword of Symbian^4 and Maemo 6 come to dinner in 11 months.

Palm's market cap has jumped up and down on Nokia merger talk, but in real life, they are a collection of assets. Please believe if anyone wanted iin the mobile business, Nokia is the jewel of the industry. They have the number 5 most recognized brand of any consumer product, the best distribution network, most carrier support worldwide, major contol of two mobile computing platforms, the highest quality catography data company on the face of the earth, an enormous IP portfolio that nearly prevents anyone from building a mobile phone or network without paying them some royalty along the way, extensive media rights agreements in most regions of the globe, a burgeoning netbook position with full carrier support, a strong position in the BRIC markets, where the "next billion" will mostly come from, a growing services arm, and the control of an application and graphics framework to allow it to address 60% of the smartphone market, potentially all of it, and 100% of the desktop and server market.

Can Apple name its assets with such braggadocio? They are entrenched in the desktop market, with the iPhone making app money today, but no long term lockin to services or IP other than multitouch, which has competition from others as well.

Apple is a short term investment. Nokia is a long term growth candidate. I'm no financial analyst, so that total opinion based on what is important to me, but many real analysts in the sector see Nokia as highly undervalued.