Apple is no longer the world's most valuable company

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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