they saved apple from total destruction... but the subtext is what is more important here, and that is: Did Microsoft do this because they are a benevolent company? ... and the answer to that is "No".
If Apple died, who is going to be competing with Microsoft in the desktop space? It will basically become a monopoly. This would have created such a massive problem for Microsoft that they NEEDED to save Apple, not for Apple's sake but for their own sake. Apple was Intel's AMD of yore. A little player who can stick it to the big guy but not really threaten them in any big way.
Looking forward, Microsoft shrank, Apple diversified and grew in other markets - and although Microsoft is still technically "king" in the spaces that it has always dominated - office, desktop and business applications - Apple has dominated in other areas and has thus demonstrated the keen perception of Steve Jobs at the helm.
You don't keep a CEO like Steve down for long, so even if Microsoft didn't save Apple, Steve may have still been able to achieve such amazing heights of success though another vehicle company - perhaps another iteration of NeXT or via some other means. Apple is where it is today thanks to Steve Jobs and thanks to the serendipitous situation with Microsoft. It's not really the king because of itself, it's the king because of Steve Jobs.
When Stebe Jobs retires - which would be some time down the track, it may be hard to say what will happen to Apple. A brilliant CEO is great as long as s/he lives forever. Unfortunately we aren't at that stage yet.
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