With Yahoo, Inc. (NASDAQ: YHOO) stock in the dumper, the CEO spot looking for a newcomer and musings about the future of the company underway, perhaps there is a small bright light for the internet pioneer. Wireless provider T-Mobile will use Yahoo!'s mobile search as the default on all its phones' mobile web browsers.

While that may not be the biggest victory one can think of, it does help. Mobile search and web browsing has been increasing in usage (though still small), and although T-Mobile USA is only the nation's fourth-largest mobile provider, just the fact that Yahoo!'s services will keep the largest wireless providers from using competitive mobile search products is a blessing for Yahoo!

Making money from mobile web search is another matter. Although Yahoo! and T-Mobile said they will share revenue from the new arrangement, the question is this: are any mobile search companies and wireless providers making any significant revenue from mobile search partnering? At this point in time, it's hard to see that just based on skimpy usage. While it may not be that way in the future. T-Mobile International, which replaced Google, Inc. (NASDAQ: GOOG) mobile search with Yahoo!'s solution earlier in 2008 and Yahoo! also has its fingers in mobile search with the largest wireless provider in the U.S., AT&T, Inc. (NYSE: T). Perhaps Yahoo!'s rebirth will be around mobile technology after all. It's just a question of when.

Microsoft Corp. (NASDAQ: MSFT) is talking to Verizon Wireless in an effort to replace Google, Inc. (NASDAQ: GOOG) as the default mobile search provider on the second-largest wireless network in the U.S. Why does Microsoft want this? Because, it has lost the web search business to Google on the PC screen -- so perhaps it thinks it can compete better (or win) the web search race on the cellphone screen.

Google CEO Eric Schmidt has reminded the world that Google's next large focus is on the mobile market. Although mobile search and mobile web browsing has taken a while to gain steam, the sheer number of mobile devices with internet connectivity dwarfs the PC market. Google and Microsoft are both licking their chops over this one.

So, it's kind of like entering the web search market back in 1988 here -- whichever company can seal as many deals to become the de-facto mobile search and information portal for major wireless companies will own the space. It's the same argument that has stood for a while in the PC market: consumers will use whatever default software or services offered on the device they just bought. Why type in "google.com" on your cellphone or smartphone keypad if Microsoft's search is right there waiting for you? Seeing that Verizon Wireless doesn't have an outside partnership for mobile web searches, this may be a huge battle that gets little attention -- but that doesn't mean it's not important.

Google (NASDAQ: GOOG) is betting that search on wireless handsets will become a big business. The company understands that online search on the PC platform cannot grow at its current rate forever, so, at some point, revenue from its AdWords program will begin to flatten.

To combat the potential of a less robust growth environment on the web, Google is moving Adwords onto its Google Mobile Search product. The program will be free until November and ads will only run on websites designed for handset screens.

Silicon Alley Insider points to a recent survey by research firm Kelsey Group as the reason Google is so anxious to get a foothold in the new market. "Revenue from U.S. mobile search advertising will soar from $33.2 million this year to $1.4 billion in 2012."

Google has some potholes in its path. After being handily beaten in the PC-based search market, Yahoo! (NASDAQ: YHOO) and Microsoft's (NASDAQ: MSFT) MSN Live Search are working to get their products on as many handsets as possible. However, they still have the disadvantage that their search products do not produce results as good as Google's and their text ad targeting products are inferior.

In moving to the mobile platform world, Google maintains its critical edge.

One of the proverbial next-big-things is using your cell phone for shopping. So if you are walking in a new city and want to find a Starbucks (NASDAQ: SBUX), your cell phone will use GPS technology to find the nearest location.

Well, now Sprint Nextel (NYSE: S) has jumped into the game and has teamed up with GPSShopper, which has a huge database of products from companies like Best Buy (NYSE: BBY), Staples (NYSE: SPLS) and so on. If interested, you will need to pay a fee of $1.99 per month.

I talked to Steve Beauregard, who is a wireless expert and the founder of REGARD. His company develops mobile applications for major companies like Research-in-Motion (NASDAQ: RIMM). He says:

"I think it will be a loss leader for some time to come. Changing people's buying habits will be a slow process. If they could combine that with a price comparison, that may be more interesting. I always like to know I am getting a good deal even when it is a matter of convenience. I think it will be used most by travelers looking for something specific in unfamiliar areas."

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

The mobile search trains of Google (NASDAQ: GOOG) and Yahoo! (NASDAQ: YHOO) left the station some time ago. Even Nokia (NYSE: NOK), the world's largest handset company has its own search function.

With the estimates for mobile-based advertising pointing to $11 billion, according to Informa PLC, no one wants to be left behind.

IAC/Interactive (NASDAQ: IACI) will launch its own Ask Mobile software, which will include features from some of the parent's other websites, including City Search and Ticket Master. It will be introduced with Sprint (NYSE: S).

No matter how well the service works, it has two drawbacks. The first is that Ask.com is among the smallest search operations, with about 5% of the U.S. market. It brings that small share and a relatively late introduction to the mobile space to the table. It is also forming its first partnership with the weakest of the Big Three mobile carriers, which may be an indication it could not get AT&T Wireless (NYSE: T) or Verizon Wireless (NYSE: VZ) to take the product.

Better late than never.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Yesterday, Microsoft Corp. (NASDAQ:MSFT) announced that it is purchasing Tellme Networks, which develops voice-recognition technologies. The price tag was not disclosed but the rumor is that it was $800 million (this is according to The Wall Street Journal, which is a paid service).

To get some perspective on the deal, I was able to interview Dipanshu Sharma, who is the founder of V-Enable. He is an expert on mobile search and even has some patents on the topic.

What's the background on V-Enable?

V-ENABLE, Inc. is the leading provider of mobile voice search and mobile directory assistance solutions, offering the fastest and most accurate voice search available in the mobile environment. V-ENABLE's patented voice search coupled with text-based user interface technology allows mobile users to simply input and search using their voice and receive personalized content and information on their phone. No more complicated menus to navigate or triple tap typing required.