Apple Inc. has overtaken Google Inc. in market value for the first time, Bloomberg reported Thursday.

On Wednesday, the iPod and iPhone maker surpassed Google, making it the number three technology company in Standard & Poor's 500, only behind Microsoft Corp. and the International Business Machines Corp.

Google stock has dropped more than twice as far as Apple this year, due to concern over the health of the online advertising market.

“There's no real urgency to go in and buy Google,” according to Ross Sandler, an RBC Capital Markets analyst, Bloomberg reported.

During the first three days after Steve Jobs released a faster, cheaper version of the iPhone, one million were sold. Last quarter, Apple posted a 31 percent profit growth on sales of computers and music players.

Google shares declined 28 percent this year before today, compared with 9.5 percent for Apple, after telling investors the owner of the most popular search engine will face a challenging economic environment.