Apple for a short period of time on Monday was no longer the most valuable company in the world. That honor instead belonged to Alphabet — The newly formed conglomerate that includes Google, Nest, and numerous other projects once housed under the Google brand name.
Alphabet shares were up 2% in midday trading Monday, giving it a market valuation of about $533.4 billion. Apple’s stock fell more than 1%, pushing its market value down to $532.7 billion.
After its initial jump, shares at Alphabet started trading down from its high on the day.
With just over an hour left before markets closed, Apple was worth $534 billion and Alphabet’s market cap was $530 billion.
Alphabet will report its fourth quarter results after the closing bell Monday.
A majority of Alphabet’s sales and earnings still come from its core Google operations, which controls search, Android, and YouTube.
Analysts are expecting Alphabet to report overall revenue growth of nearly 15% in the quarter and a 20% increase in earnings per share.
Despite this year’s volatile market conditions shares at Alphabet are down just 1%, following a 40% surge in 2015.
Alphabet’s stock is only about 3.5% from hitting a new record high.
Apple stock on the other hand is down 10% in 2016 and off by 30% from its all-time high. Apple reported a record profit for last quarter, but last week warned that iPhone sales might slip for the first time since the devices debuted.
Apple was worth was nearly $775 billion back in February 2015 so Google still has a long way to go before it can claim to be the most valuable company of all time.