Google-owner Alphabet passes Apple once again to become the most valuable company in the world

Alphabet, Google's parent company, is once again the most valuable company in the world, overtaking Apple.

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.

Alphabet had already surpassed Apple briefly earlier this year.