Apple is no longer the world's most valuable company

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Google passes Apple to become world's most valuable company...again

Apple is no longer the most valuable company in the world.

As the iPhone-maker's share price dropped Thursday, Google's parent company, Alphabet, now has a higher market cap.

Apple's market capitalization is down to $493 billion, while Alphabet's current market cap is $498 billion, both via Yahoo Finance.

Apple's stock was down Thursday morning on reports of a drop in iPhone chip shipments. This was the first time that Apple had fallen to $90 per share since June 2014.

Alphabet had already surpassed Apple briefly earlier this year.

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