There's a new largest company in the United States. The market cap of Google parent company Alphabet Inc. reached $494.860 billion, edging surpassed the market cap of Apple at $494.721 billion on Thursday.
Ironically, it happened on a day that Alphabet's stock fell. The company's stock slipped by 0.3 percent yesterday - but Apple fell even further, finishing down 2.4 percent on the day.
Apple shares have dropped 16 of the past 20 sessions, a stretch that included an eight-day losing streak that tied Apple’s longest since 1998. Thursday was also the first time in more than two years that Apple’s market cap has been below $500 billion. In 2015, Apple became the first company ever to have a market cap above $700 billion, eventually topping out at $775 billion.