How are the mighty fallen. At one time, it was impossible to contemplate the notion of Microsoft falling out of favour with investors. Bill Gates and his baby were the darling of the industry, climbing ever onwards and upwards, even at the expense of rivals and fair play.

So what has changed? The group and its management seem to have lost none of their arrogance. Nor has the loss of the landmark antitrust suit in the US revealed a side to the company that most institutions and other large investors did not at least have a shrewd idea of.

Maybe, it is simply that the aura of omnipotence is slipping or possibly, as in so many other cases, it is not the doing of wrong that worries people but the getting caught.

Whatever, the fact is that Microsoft's time at the top of the pile is over. It is no longer the largest company in the US and this week it emerged that many of the largest mutual funds in the US have sharply reduced their holdings.

Regardless of the eventual outcome of the appeal against the antitrust suit, it may well be this market censure that achieves more than any punishment meted out by the courts. After all, without the market, Microsoft would never have become so powerful in the first place.