Apple Becomes World's Second Most Valuable Brand -- After Google [STUDY]

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The London-based company looks at a company's cash flow and other financial metrics to assess the worth of its trademarks and other intellectual property. At the top of the heap is Google, whose IP is worth $48.3 billion -- and likely more after Thursday, when the search giant bought another treasure trove of patents from IBM. (Big Blue itself is currently in fourth place.)

Microsoft slipped to third place, a hair's breadth below Apple at $39 billion -- although Windows 8 may change that equation.

This marks the first time, according to the report, that the world's top four most valuable brands are all tech companies. Coming in just below them: Walmart, GE, AT&T and Coca-Cola. A couple of banks with slipping reputations -- Wells Fargo and Bank of America -- round out the top 10.