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 a share since June 2014.
Alphabet had already surpassed Apple briefly earlier this year.