Google’s parent company, Alphabet, overtook Apple as the most valuable U.S. company on Tuesday. The tech giant stole the crown from Apple as its shares soar to 3 percent higher than the Cupertino firm. Alphabet now has a market capital of $547.1 billion with Apple trailing behind with a market capital of $529.3.
Apple is still leading other big brands like Microsoft with a market cap of $425.7 billion, Facebook with a gross value of $326.2 billion and Exxon Mobil with a total value of $310.1 billion. While Alphabet’s shares rose remarkably, Apple’s shares plummeted by 1 percent.
After a gap of almost six years, Google is able to snatch the number one spot leaving Apple behind. The last time the tech giant overtook Apple was in February 2010, when both the companies had a total valuation less than $200 billion. However, it should be noted that the Cupertino company was yet to release its newest iPhone that had 3Gs, its first iPad and MacBook. What mattered most, at the time, was that Steve Jobs was still at the helm, reported CNBC.
Time has changed since 2010 and Google is now in the endeavor of boosting its revenue with special investments. In some recent revelations, the search engine company announced its new technology projects such as self-driving cars. The company is also making huge profits from several online services.
Managing partner at recon Capital, Kevin Kelly said, “it’s pretty interesting that 80 percent of YouTube views come from outside of the United States. I didn’t think it would be that high. It demonstrates that the value of youTube can continue to be extracted.”
According to a report, Google and Apple took their turns at the number one position between 2008 and 2010. However, in September, 2012 Apple made a historic record by jumping from $180 billion to 450 billion. The iPhone madness took over the market and there was no looking back for Apple. Recently, the company recorded loss in revenue owing to drastic fall in iPad and Mac sales. It is believed that apple will have to compete with lower-priced Android phones to pull up its profit.