Apple Inc. (NASDAQ: AAPL) and Alphabet Inc (NASDAQ: GOOG) are engaged in an unofficial battle for the title of most valuable company based on market capitalization.
Based on Thursday's closing price, Alphabet's market cap stood at $489.55 billion compared to Apple's $489.9 billion. However, during Thursday's trading session, Alphabet's market capitalization exceeded those of Apple's.
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Alphabet briefly held the title as the most valuable company on Thursday, but it didn't last long after shares dipped into the red.
Apple's market cap peaked at nearly $800 billion in late February of last year. In fact, some Wall Street analysts were predicting Apple's market cap will exceed the $1 trillion mark.
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