Following the release of its Q4 earnings earlier this week, Alphabet saw it stock prices surge to upwards of $800, increasing by 8 percent thanks to its strong earnings report. This jump on Alphabet’s part caused the company’s market capitalization to increase as well, rising to over $540 billion. This increase meant that Alphabet surpassed Apple to become the world’s most valuable company. Two days later, however, Alphabet’s stock has fallen back down, giving the crown of the world’s most valuable company back to Apple.
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At close today, Alphabet was trading at $726.95, a decrease of 4.93 percent compared to yesterday, giving it a market capitalization of $499.94 billion. Apple, on the other hand, increased by 1.98 percent and was trading at $96.35 at close, giving it a market capitalization of $534.22 billion.
Apple originally became the world’s most valuable company back in 2011 when it passed up Exonn Mobile.
Alphabet’s drop today can somewhat be attributed to an overall rough day for the tech sector. Tesla, Yahoo, Netflix, Amazon, and Alphabet all closed down compared to their previous day’s performance.
This likely won’t be the last time we see Apple and Alphabet flip-flop between carrying the title of the “world’s most valuable company,” but with earnings having already been reported for the most recent quarter and investors settling in, it could be a while before Alphabet is able to capture the title back. Things could vary, however, depending on how investors react to Apple’s announcements during its upcoming March event for the iPhone 5se, iPad Air 3, and new Apple Watch bands.
(Image: AP Photo/Rick Rycroft)